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LA cleantech shows promise as incubator’s first company, 350Green, completes $5.2M exit

The city of Los Angeles is pushing hard to emerge as a leader in the clean tech space, and it just got a bit of validation after Car Charging Group completed its acquisition of 350Green, LA Cleantech Incubator’s first portfolio company, on Thursday.

After 350Green began building electric vehicle charging stations across the nation, Car Charging Group snatched it up to become the country’s largest independent charging network. The deal, which is valued at $5.2 million, was announced last year, but took several months to finalize.

350Green CEO Mariana Gerzanych credited LA Cleantech Incubator (LACI) with helping it get off the ground:

“Our success was a team effort, we would not have achieved as much as we did without the amazing help of the LACI team. After becoming the first company accepted into LACI in 2011, we received enormous support from the City of Los Angeles and key incubator partners that was critical to our success. Starting a business is not easy, and there’s nowhere else we would imagine starting a business than right here with the help of LACI.”

Created by the city in 2011, LACI recently announced that it will merge with sister organization CleanTech LA to become a single entity. The incubator has worked with 15 startups since launching and has a team of 40 mentors.

Late last month, the program rolled out a new fundraising bootcamp for startups. The lead banker for the Car Charging/350Green acquisition has since joined the incubator as its VP of development. LACI plans to open La Kretz Innovation Campus later this year. The 30,000 square-foot facility is located in LA’s so-called “Cleantech Corridor” and will house the program’s entrepreneurs and startups.
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