Michael Bauer has joined Foundation Capital as the firm's first participant in the US Department of Energy Entrepreneur-in-Residence (EIR) program. He is a former vice president of product management for smart grid technology company BPL Global, and will now serve as a bridge between Foundation's partners and the DOE's Oak Ridge National Laboratory.
Foundation Capital, a venture capital firm committed to early stage company building, is pleased to announce its first participant in the US Department of Energy (DOE) Entrepreneur in Residence (EIR) Program. Foundation Capital has appointed Michael Bauer, a start-up veteran with 10 years of experience in Smart Grid utility applications and networking, to work closely with DOE's Oak Ridge National Laboratory. Michael will be charged with identifying and commercializing the most promising of the Lab's energy technologies. An inaugural EIR Program Partner, Foundation Capital has appointed Michael to serve as the bridge between Foundation's partners and the Lab, sharing Lab innovations and offering expertise and resources from the firm.
“Having started and grown cleantech companies from the ground up, Michael is ideally suited to apply Foundation's early stage company building philosophy to our partnership with the DOE EIR program. Michael has a proven track record of identifying and transforming innovative new technologies into thriving, big businesses,” said Adam Grosser, General Partner at Foundation Capital. “We look forward to working with Michael and the DOE as the EIR program evolves.”
Prior to his participation in the EIR Program, Michael served as vice president of product management for BPL Global, a smart grid technology company dedicated to leading the transformation of energy and information delivery. As employee number five, he helped raise more than $30 million dollars from strategic and financial investors, working closely with the chief technology officer to develop the company's comprehensive Smart Grid product vision. Michael previously served as director of product marketing and management for BigBand Networks, helping grow the video routing start-up from its Series B venture capital round to a public company.
“With his broad Smart Grid experience at BPL Global, Michael is the perfect candidate for the DOE EIR program,” said Keith Schaefer, CEO of BPL Global. “Michael has been an invaluable member of our team since the earliest stages of our company and will be sorely missed. We wish him the very best.”
Launched October 2007, the DOE's EIR program brings together venture capital-sponsored entrepreneurs into three of DOE's National Laboratories to develop plans to commercialize new clean energy technologies. Foundation Capital was chosen as an inaugural EIR Program Partner due to the firm's proven track record of fostering entrepreneurs to build successful, sustainable businesses based on advanced clean technologies.
About the DOE's EIR Program
The EIR program seeks to identify and develop business cases to commercialize promising laboratory technology and give proven start-up entrepreneurs the opportunity to work directly with technical management and staff at a National Laboratory. Selected entrepreneurs would conduct technology assessments, evaluate market opportunities, formulate preliminary business cases, and propose business structures for start-up enterprises, as well as recommend policy and business practice modifications to the National Laboratories to refine their approaches to moving technology into the commercial sector.
The National Renewable Energy Lab, Sandia National Laboratory, and Oak Ridge National Laboratory will be the first DOE laboratories to host entrepreneurs in residence. As a first step in the program, DOE will support the work of three entrepreneurs at National Laboratories. DOE will provide up to $300,000 funding to support this initiative.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $1.7 billion. For more information, visit http://www.foundationcapital.com .