Evergreen Climate Innovations
Evergreen Climate Innovations
Diversity in Early-Stage Innovation
Evergreen Climate Innovations is a Chicago-based nonprofit organization leading the charge to accelerate climate technology in the Greater Midwest. Founded in 2010 by Amy Francetic, Nick Pritzker, and Michael Polsky, Evergreen fuels the transition to a sustainable future by backing breakthrough startups and championing diverse entrepreneurial talent. In recognition of its trailblazing work, Evergreen received the 2025 Environmental Stewardship Award from the Baumhart Center for Social Enterprise and Responsibility.
Introduction
Michelle Carr, CEO of Evergreen Climate Innovations, and the Evergreen team seek out and support early-stage climate entrepreneurs with funding, technical support, and access to a thriving network of experts. Evergreen’s Midwest-focused investment strategy infuses much needed funding and support for very early-stage innovations, providing a pathway to growth that will ultimately aid the transition towards a greener economy.
About Evergreen Climate Innovations
In 2010, Evergreen Climate Innovations was founded by a dynamic trio of Amy Francetic, Nick Pritzker, and Michael Polsky (see Exhibit 1) with the objective to drive climate solutions in the Greater Midwest. Evergreen, incorporated as a nonprofit organization, is now regarded as the region’s primary hub for climate entrepreneurs, investors, and corporate partners, bringing climate technology to the market.
Exhibit 1: Evergreen Climate Innovations Founder Expertise
Source: LinkedIn and Forbes1
The Evergreen Climate Innovations team comprises experts with extensive backgrounds in advancing sustainable and clean energy solutions. Their combined leadership has contributed to transformative climate-focused projects across industries. Below is a showcase of the key contributors and their significant contributions:
Amy Francetic is co-founder and former CEO of Evergreen Climate Innovations; Amy has a distinguished career spanning 25 years in the energy and high-technology sectors. She has successfully founded two companies, contributed to the creation of another, and served on its board of directors. Amy's expertise includes sustainable venture development and energy innovation, evidenced by her leadership in launching initiatives to promote clean energy technologies in the Midwest.
Nick Pritzker is a co-founder and chairperson emeritus of Evergreen Climate Innovations; Nick is a passionate advocate for clean energy investments in the Midwest. He has supported innovative technologies and sustainable practices as part of his broader commitment to climate solutions and social reform. Beyond his work with Evergreen, Nick has pioneered funding for groundbreaking enterprises in clean energy and synthetic biology.
Michael Polsky is a co-founder of Evergreen Climate Innovations and CEO of Invenergy LLC; Michael is a stalwart of renewable energy innovation. Under his leadership, Invenergy has established itself as the largest privately held sustainable energy company globally, with achievements spanning wind, solar, and next-generation energy storage technologies. Michael’s dedication to advancing renewable energy has propelled Evergreen’s mission of fostering transformative climate technologies.
Since 2014, Evergreen has successfully deployed $10 million in catalytic seed capital to support 49 companies through its innovative revolving 501vc® model (see Exhibit 2). This approach has yielded remarkable outcomes, including catalyzing $561 million in additional investments—a 54:1 return on investment for every dollar invested. Evergreen's portfolio achieved a 1.8 × multiple of invested capital (MOIC) and contributed to the creation of 998 jobs. Diversity and inclusion are key pillars of Evergreen’s mission and success. Their unique sourcing model has resulted in a portfolio where 58% of founders identify as female and/or people of color, far surpassing the national average of 3–11%.
Exhibit 2: Evergreen Climate Innovations 501vc ® Model
Source: Evergreen Climate Innovations, “2024-2025 Impact Report”
Overall, 33% of their portfolio companies received their first external investment from Evergreen. The impact of this funding is evident, with 81% of portfolio companies generating revenue, and 31% reporting annual revenues exceeding $1 million. These figures underscore the significant and lasting impact of Evergreen’s strategic investments on the entrepreneurial ecosystem.2
At the heart of Evergreen Climate Innovations’ thematic investment strategy is a pioneering process that contributes to their success. This approach is embodied in the 501vc® Investment Fund, a revolving evergreen fund whose name is inspired by its core mission—combining venture capital (VC) with its nonprofit status of a 501(c)3. Structured to reinvest returns from prior investments, the fund creates a self-sustaining cycle that fuels early-stage climate startups.
Funding for this model is seeded by philanthropic donations, as well as state and federal grant contributions. By leveraging the Science-Based Targets initiative (SBTi) framework, Evergreen aligns its investment strategies with globally recognized sustainability goals. This innovative model not only provides a consistent resource stream for entrepreneurs but also offers donors a unique opportunity to play an active role in addressing climate crisis3. Through this approach, Evergreen continues to bridge the gap between innovation, environmental stewardship, and economic opportunities, reinforcing its position as a leader in the climate technology ecosystem.
Diversification of Venture Capital Allocation
Traditional venture capital funding often relies on direct networks of entrepreneurs—a strategy that, while effective for fueling early-stage companies, frequently limits access to women and historically excluded groups. Recognizing this systemic shortfall, Evergreen redefines diversification in venture capital allocation. By engaging with broader networks and innovative pipelines, Evergreen ensures that opportunities are accessible to a broader set of entrepreneurs. In their 2023 Impact Report, Evergreen describes that its ecosystem-building effort design is to expand access to innovation, particularly for female, minority, and Midwest-based founders.
Evergreen's investment portfolio includes being the first institutional investor in Kadeya, a Chicago-based company that envisions a future free from single-use beverage containers4. Founded and led by a woman, Kadeya garnered recognition from Forbes and other prestigious platforms for its transformative approach to sustainability. Evergreen's inclusive investment strategy not only supports innovative climate solutions but also uplifts diverse voices in entrepreneurship, fostering equitable access to resources and opportunities.
Conclusion
Evergreen anchors and accelerates the Midwest's climate technology landscape. By building a diverse and inclusive ecosystem of entrepreneurs, investors, and corporate partners, the organization ensures that groundbreaking solutions address both environmental and social challenges. With its innovative models and commitment to equitable access, Evergreen has continued to inspire a new era of climate-driven economic growth and resilience. Evergreen Climate Innovations is not just fostering a greener Midwest but paving the way for global sustainability.
Questions for Discussion
- How can elements of the 501vc ® platform be scaled across private and government sectors?
- How can Evergreen deepen its pipeline and sourcing approaches to continue to find new talent?
- What should Carr do now to prepare for changes in the external environment?
Prepared by Quinton R Arthur, Caitlin Osei and Karen Weigert. Special thanks to Michelle Carr CEO of Evergreen Climate Innovations and Rachel Sebald, Director of Marketing and Communications, Evergreen Climate Innovations.
Funding for the development of this mini case was provided by the Baumhart Center for Social Enterprise and Responsibility at the Quinlan School of Business, Loyola University Chicago.
BAUM005: This article is part of a collection of mini-cases.
Sources
[1] Evergreen Climate Innovations. (2024). 2024-2025 impact report (p. 3). Evergreen Climate Innovations. Retrieved December 19, 2024. Link
[2] Evergreen Climate Innovations Innovator Award Nomination (2024, September). Baumhart Center for Social Enterprise and Responsibility
[3] Evergreen Innovation Fund. (2024). 501 Venture Capital Award. Evergreen Innovation. Retrieved December 19, 2024. Link
[4] Evergreen Climate Innovations. (2022, October). Chicago-based Kadeya Receives Seed Funding from Evergreen Climate Innovations. Retrieved December 19, 2024. Link
Evergreen Climate Innovations is a Chicago-based nonprofit organization leading the charge to accelerate climate technology in the Greater Midwest. Founded in 2010 by Amy Francetic, Nick Pritzker, and Michael Polsky, Evergreen fuels the transition to a sustainable future by backing breakthrough startups and championing diverse entrepreneurial talent. In recognition of its trailblazing work, Evergreen received the 2025 Environmental Stewardship Award from the Baumhart Center for Social Enterprise and Responsibility.
Introduction
Michelle Carr, CEO of Evergreen Climate Innovations, and the Evergreen team seek out and support early-stage climate entrepreneurs with funding, technical support, and access to a thriving network of experts. Evergreen’s Midwest-focused investment strategy infuses much needed funding and support for very early-stage innovations, providing a pathway to growth that will ultimately aid the transition towards a greener economy.
About Evergreen Climate Innovations
In 2010, Evergreen Climate Innovations was founded by a dynamic trio of Amy Francetic, Nick Pritzker, and Michael Polsky (see Exhibit 1) with the objective to drive climate solutions in the Greater Midwest. Evergreen, incorporated as a nonprofit organization, is now regarded as the region’s primary hub for climate entrepreneurs, investors, and corporate partners, bringing climate technology to the market.
Since 2014, Evergreen has successfully deployed $10 million in catalytic seed capital to support 49 companies through its innovative revolving 501vc® model (see Exhibit 2). This approach has yielded remarkable outcomes, including catalyzing $561 million in additional investments—a 54:1 return on investment for every dollar invested. Evergreen's portfolio achieved a 1.8 × multiple of invested capital (MOIC) and contributed to the creation of 998 jobs. Diversity and inclusion are key pillars of Evergreen’s mission and success. Their unique sourcing model has resulted in a portfolio where 58% of founders identify as female and/or people of color, far surpassing the national average of 3–11%.
Overall, 33% of their portfolio companies received their first external investment from Evergreen. The impact of this funding is evident, with 81% of portfolio companies generating revenue, and 31% reporting annual revenues exceeding $1 million. These figures underscore the significant and lasting impact of Evergreen’s strategic investments on the entrepreneurial ecosystem.2
At the heart of Evergreen Climate Innovations’ thematic investment strategy is a pioneering process that contributes to their success. This approach is embodied in the 501vc® Investment Fund, a revolving evergreen fund whose name is inspired by its core mission—combining venture capital (VC) with its nonprofit status of a 501(c)3. Structured to reinvest returns from prior investments, the fund creates a self-sustaining cycle that fuels early-stage climate startups.
Funding for this model is seeded by philanthropic donations, as well as state and federal grant contributions. By leveraging the Science-Based Targets initiative (SBTi) framework, Evergreen aligns its investment strategies with globally recognized sustainability goals. This innovative model not only provides a consistent resource stream for entrepreneurs but also offers donors a unique opportunity to play an active role in addressing climate crisis3. Through this approach, Evergreen continues to bridge the gap between innovation, environmental stewardship, and economic opportunities, reinforcing its position as a leader in the climate technology ecosystem.
Diversification of Venture Capital Allocation
Traditional venture capital funding often relies on direct networks of entrepreneurs—a strategy that, while effective for fueling early-stage companies, frequently limits access to women and historically excluded groups. Recognizing this systemic shortfall, Evergreen redefines diversification in venture capital allocation. By engaging with broader networks and innovative pipelines, Evergreen ensures that opportunities are accessible to a broader set of entrepreneurs. In their 2023 Impact Report, Evergreen describes that its ecosystem-building effort design is to expand access to innovation, particularly for female, minority, and Midwest-based founders.
Evergreen's investment portfolio includes being the first institutional investor in Kadeya, a Chicago-based company that envisions a future free from single-use beverage containers4. Founded and led by a woman, Kadeya garnered recognition from Forbes and other prestigious platforms for its transformative approach to sustainability. Evergreen's inclusive investment strategy not only supports innovative climate solutions but also uplifts diverse voices in entrepreneurship, fostering equitable access to resources and opportunities.
Conclusion
Evergreen anchors and accelerates the Midwest's climate technology landscape. By building a diverse and inclusive ecosystem of entrepreneurs, investors, and corporate partners, the organization ensures that groundbreaking solutions address both environmental and social challenges. With its innovative models and commitment to equitable access, Evergreen has continued to inspire a new era of climate-driven economic growth and resilience. Evergreen Climate Innovations is not just fostering a greener Midwest but paving the way for global sustainability.
Questions for Discussion
- How can elements of the 501vc ® platform be scaled across private and government sectors?
- How can Evergreen deepen its pipeline and sourcing approaches to continue to find new talent?
- What should Carr do now to prepare for changes in the external environment?
Prepared by Quinton R Arthur, Caitlin Osei and Karen Weigert. Special thanks to Michelle Carr CEO of Evergreen Climate Innovations and Rachel Sebald, Director of Marketing and Communications, Evergreen Climate Innovations.
Funding for the development of this mini case was provided by the Baumhart Center for Social Enterprise and Responsibility at the Quinlan School of Business, Loyola University Chicago.
BAUM005: This article is part of a collection of mini-cases.
Sources
[1] Evergreen Climate Innovations. (2024). 2024-2025 impact report (p. 3). Evergreen Climate Innovations. Retrieved December 19, 2024. Link
[2] Evergreen Climate Innovations Innovator Award Nomination (2024, September). Baumhart Center for Social Enterprise and Responsibility
[3] Evergreen Innovation Fund. (2024). 501 Venture Capital Award. Evergreen Innovation. Retrieved December 19, 2024. Link
[4] Evergreen Climate Innovations. (2022, October). Chicago-based Kadeya Receives Seed Funding from Evergreen Climate Innovations. Retrieved December 19, 2024. Link