The Illinois Science & Energy Innovation Foundation (ISEIF) has made its debut at the Great Lakes Symposium on Smart Grid and the New Energy Economy. The $72.5 ISEIF, which was established to invest in promising electrical grid and energy innovations, is run by Jason Blumberg and Sara Hochman.

ISEIF was borne from the Energy Infrastructure Modernization Act, which allows utilities to spend up to $3.2 billion modernizing the state’s electrical grid, including more than $1 billion in smart grid technology.

ISEIF chief executive officer and managing director Jason Blumberg, is an adjunct assistant professor at the University of Chicago’s Booth School of Business. An energy and clean-technology expert, Blumberg previously was a member of McKinsey & Company’s energy and climate change leadership team and a co-founder of Energy Results, an innovative energy efficiency business.

Co-managing director Sara Hochman has consulted with clean energy entrepreneurs on securing government funding and creating public-private partnerships to advance commercialization. Prior to working with ISEIF, Hichman worked in the renewable energy division of General Electric.

Mark Harris, president and CEO of the Illinois Science and Technology Coalition, an ISEIF partner, says, “This new entity fills a gap that exists in the Illinois venture capital market today,” “It is the only fund focused on catalyzing the next game changing smart grid and energy ideas. Under its new leaders, ISEIF is poised to accelerate the speed-to-market of smart grid businesses and their launch into industry-leading companies.”

Blumberg adds: “The Energy Infrastructure Modernization Act created an extraordinary opportunity not just to modernize Illinois’ antiquated power grid, but also to build new businesses. While Illinois embarks upon an unprecedented investment to build the leading smart-grid, ISEIF will help entrepreneurs capture the first-mover advantage of identifying and then creating the disruptive technologies and business models that the smart grid demands.”

© smartmeters.com. No Reproduction without permission.