On July 23, Evergreen’s flagship Co_Invest Climate event convened hundreds of founders, investors, corporate leaders, and ecosystem builders in Chicago for an afternoon showcasing Midwest climate innovation and learning from experts in the space. The energy in the room was equal parts urgency and optimism: urgency to accelerate solutions that work, and optimism that the region has the talent, capital, and grit to do it.
Highlighting Evergreen’s Newest Additions to the Portfolio
To kickoff the inspiring Co_Invest Climate afternoon, we started with a few Evergreen startup showcases!
Chris Nicholas, Co-Founder & CEO of Lakril Technologies
Evergreen invests in pre-seed and seed climate tech companies who are based in the Greater Midwest. We have an open access application in our unique 501vc Model where any founder can apply to be considered for investment. Twice a year, in a Spring and Fall Cycle, Evergreen’s Investment Team conducts a rigorous due diligence process resulting in catalytic capital being deployed to select startups.
One of the most exciting aspects of Co_Invest is the opportunity to introduce these cutting-edge ideas and incredible founders:
- Lakril Technologies: Producer of a bio-based acetic acid to decarbonize the supply chain of this widely used material.
- Living Ink: Producer of a bio-based carbon black to reduce petroleum usage for this commodity.
These two companies have already accomplished significant milestones and we know it’s just the beginning!
Inclusive Access Yields Results
At Evergreen we believe that inclusive access yields results. In partnership with the incredible organizations Nicor Gas, U.S. Bank, and Wells Fargo, IN2, Evergreen backs clean energy founders that the market often overlooks.
In our second session of the day, we were able to hear from four awardees how the tailored capital and mentorship of the program has helped accelerate their innovations:
- Earnest Ag: Designs probiotic seed coatings to boost crop yield, protect against pests and disease, and improve soil health while reducing synthetic fertilizer use.
- Good Fibes: Develops engineered proteins to create renewable, biodegradable, and non-toxic fibers that outperform current textiles.
- C+UP: Converts industrial CO2 emissions into sustainable chemicals like propane and ethylene using a proprietary electrolyzer and catalyst.
- Natural Science: Leverages electromagnetism and natural materials to clean up chemical spills and purify water without chemicals, cutting CO2 emissions and environmental impact.
Alexis Peña, Co-Founder & CEO of Good Fibes
The Courage to Close: A Candid Fireside Chat with Spencer Gore
To round out the first half of the programming, the room was full to hear from Bedrock Materials Founder, Spencer Gore. In April, Spencer published a viral post that garnered nearly 2,000 reactions and hundreds of comments and reposts. The reason — Bedrock, a sodium-ion battery startup that was made a Midwest darling in 2024 by moving its headquarters to Chicago and announcing a $9 million seed round, was returning its capital to investors.
Paul Seidler, Managing Director of Evergreen Climate Innovations & Spencer Gore, Founder & CEO of Bedrock Materials
Co_Invest Climate was Spencer’s first public discussion of Bedrock’s wind-down, and there was an obvious appreciation from all attendees for his transparency and candidness around what it took to build — and bravely close — a climate tech startup in a fiercely competitive market.
The Fireside Chat with Evergreen Managing Director Paul Seidler showcased how covered how he came to that decision and gave unique insight into founders and funders the process of not just scaling up, but also knowing when to step back. They wrapped up the conversation with what comes next for Spencer. He held it close to the vest, but the short answer is: He’s staying in Chicago and staying in batteries!
Hearing from Legacy Investments
Evergreen was built nearly 15 years ago not as a flash in the pan solution, but built to withstand the test of time. We evolved to fill a capital gap where first of its kind climate tech is “too risky” even for venture. We’ve now been an active investor in the space for over a decade, and have a proven model and track record: Our portfolio has grown to 49 companies and counting and have gone on to raise over $561 million in follow on funding.
This year at Co_Invest we were excited to dedicate a segment of time to check in with some of our legacy companies:
- Cache Energy: A cheap, safe and reliable form of seasonal long duration energy storage.
- Rebundle: Manufacturer of sustainably-sourced hair fibers to promote circular economy.
- CorePower Magnetics: Manufacturer of transformers and motors to promote domestic manufacturing of critical power components.
- Darcy Solutions: Developer for ground-source heat pump to reduce energy costs and emissions for commercial buildings.
Arpit Dwivedi, Founder & CEO of Cache Energy
For the majority of these startups, Evergreen was able to provide the first money in to help get them from idea to commercialization. It’s been such a reward to see how far they’ve come and to continue to support them along their company journey!
Our Changing Climate: Growing Our Economy While Responding to the Science
Evergreen was excited to welcome Dr. Don Wuebbles as Co_Invest’s Keynote Speaker for 2025! Dr. Wuebbles is a renowned atmospheric scientist and former White House climate advisor. He presented the topic, “Our Changing Climate: Growing Our Economy While Responding to the Science,” addressing the urgent climate challenges we’re facing and the pathways forward through innovation, policy, and collective action.
While a changing climate is here and now – and the future impacts severe – Co_Invest attendees left the day with the optimism that we have agency to make a difference.
With Chicago selected to host Aspen Ideas Climate the week of July 21, 2025, Co_Invest Climate was the exclamation point on a series of events during that were dedicated to showcasing how the Midwest is paving the way for climate action and innovation.
Evergreen is very excited to be building the ecosystem that brings together innovators, investors, and institutions to harness the region’s great potential. And we know this is just the beginning — with our community’s support, we can’t wait to continue to uncover the climate solutions that will change the world.
Evergreen Staff
