The late, great Prince quietly funded solar energy startups before he died last year, and now that funding could help young clean-tech firms navigate the turbulent Trump era.
The pop musician anonymously invested around $250,000 in Powerhouse, a rare for-profit incubator and accelerator that links solar entrepreneurs with investors, Bloomberg reported on Tuesday.
The Oakland, California-based incubator -- and efforts like it -- could give renewable energy innovations a crucial leg-up at a time when President Trump is seeking to slash funds for early-stage energy projects through the U.S. Department of Energy.
SEE ALSO:Meet the company vying to take on Tesla in clean energyTrump's proposed 2018 budget would eliminate the Advanced Research Projects Agency-Energy (ARPA-E), an initiative to support cutting-edge energy technologies. That program was funded to the tune of about $291 million that was enacted in fiscal year 2016.
Funding for the department's Office of Energy Efficiency and Renewable Energy would shrink by 70 percent, to $636 million, compared to the enacted level during the previous year. Trump also wants to scrap the department's clean energy and auto loan programs, which backed Elon Musk's Tesla in 2009.
Via GiphyPrince-backed Powerhouse is also providing key funding just as venture capital investors, such as Kleiner Perkins Caufield & Byers, are shifting away from the clean-tech sector.
Prince's secret solar funding wasn't his only anonymous act of philanthropy. He also supported #YesWeCode, an organization that educations urban youth on technology, and helped to raise awareness for the Black Lives Matter movement. The musician also donated to Green for All, an organization co-founded by community activist Van Jones in Oakland.
Prince joined the solar startup space after a 2011 conversation with Jones, who later became a green-jobs adviser to former President Obama and is now a commentator on CNN.
"He [Prince] asked, 'If I have a quarter-million dollars, what can I do with it?'" Jones told Bloomberg. "My wife said he should put solar panels all over Oakland."
Van Jones views a solar panel in Las Vegas, Nevada.Credit: ETHAN MILLER/Getty ImagesWith a grant from Prince, Jones brought in Solar Mosaic founder Billy Parish, who moved his rookie crowdfunding platform from Arizona to Oakland. There, Parish met Emily Kirsch, who was a green jobs campaigner at the Ella Baker Center for Human Rights, the nonprofit that Jones co-founded. Kirsch worked with Solar Mosaic on its first four projects before co-founding Powerhouse.
So far, the incubator has helped 43 start-ups get on their feet, including firms like Avalon Battery, which makes energy storage systems with advanced rechargeable batteries; Mosaic, which provides loans for homeowners to install solar panels; and Solar Analytics, which offers energy data and analysis for residential solar owners.
Powerhouse startups have since generated $52 million in revenue, raised $287 million in capital, employed nearly 390 people, and have collectively led to the installation of 242 megawatts of solar power in the U.S. and abroad, according to the company's website.
Moreover, the incubator has helped make Oakland a hive for clean-tech finance, according to Bloomberg. Thirteen companies and six industry organizations are all working near Powerhouse's offices across the bay from San Francisco.
Prince's involvement in the fledgling solar project ended in April 2016, when he died from an accidental fentanyl overdose at age 57. Prince wanted his involvement to remain anonymous, Jones said.
TopicsSustainabilityDonald Trump
(责任编辑：探索)
Two astronauts just installed a new parking spot on the International Space StationHow to use Alexa as a speakerEl Salvador wants to be the first nation to treat bitcoin like cashSomeone literally broke the internetThis app is giving streaming TV news a second tryThe U.S. will no longer have the final say on internet domain names
The National Telecommunications Information Admistration (NTIA) announced via 。 blog post。on Tuesday
...[详细]El Salvador wants to be the first nation to treat bitcoin like cash
El Salvadorean president Nayib Bukele wants his country to lead the way globally for bitcoin.That wa
...[详细]What is Clubhouse? Good luck getting invited to the social app.
You might've heard of Clubhouse by now. It might still be unlikely that you've actually joinedClubho
...[详细]The Purge has never been subtle, but the mask is fully off in 'The Forever Purge'
Purge Night has never been subtle.Maybe the series started with a small-scale home invasion story wh
...[详细]Michael Phelps says goodbye to the pool with Olympic gold
Michael Phelps left as he began: Winning.。The most decorated athlete in Olympic history won gold in
...[详细]Dave Jorgenson's TikTok book is a fun, engaging read for aspiring TikTokkers
Ever wish you could take a TikTok master class to learn how to craft more engaging, entertaining vid
...[详细]Do you want to play your music but are still in need of a speaker? Well, if you have an Amazon Echo,
...[详细]Elon Musk and Jack Dorsey agree to conversation about Bitcoin
Attention, folks: Two rich guys are about to talk about Bitcoin. Twitter CEO Jack Dorsey and Tesla C
...[详细]Mom discovers security cameras hacked, kids' bedroom livestreamed
A mother in Houston, Texas woke up one morning to pretty much every parent's worst-case scenario. 。 "
...[详细]Twitter's giving away NFTs for free (it's hard to put a price on worthless)
Twitter's making it rain NFTs.On Wednesday, the social media giant announced its intention to give a
...[详细]Tyler, the Creator helped Frank Ocean celebrate 'Blonde' release in a delicious way
The most heartwarming reunions and hugs post
