Cleveland Water Alliance launches initiative to fund, promote innovative water technologyThe Cleveland Water Alliance announced the launch of th...Cleveland Water Alliance launches initiative to fund, promote innovative water technology
The Cleveland Water Alliance announced the launch of the Freshwater Innovation Fund in an effort to promote new water technology in the city.
The fund was created to address water stress in the region, which can include drought caused by climate change, aging infrastructure and water contaminants, according to the press release.
“Water stress is here. Water stress is accelerating,” Cleveland Water Alliance President and Executive Director Bryan Stubbs said. “So, the Cleveland Water Alliance, we on one hand, really take a look at how do we accelerate new technologies in the water market, and what's lacking in order to accelerate those new technologies.
Stubbs manages the fund alongside Case Western Reserve University Chief Innovation Officer Joseph Jankowski and Oatey Company Vice President, International Development, Blake Oatey. The Alliance is currently fundraising for the initiative, Stubbs said, and intends to raise $5 million for its first round of funding.
“These are seed investments that we'll be investing between 250,000 and $500,000 into these early-stage innovation,” Stubbs said. “Our expectations are to deploy those funds fairly quickly, and we'll move on to a $10 million fund in a similar fashion. And then from there, move on to a $25 million fund.”