The Foundation for Energy Security and Innovation (FESI) Announces Investments to Defend America's Critical Infrastructure and Accelerate Energy Innovation
FESI's investments will enable American communities to secure their power grids and will convene energy innovators and entrepreneurs to deploy American energy technologies.
WASHINGTON, Dec. 17, 2024 /PRNewswire/ -- The Foundation for Energy Security and Innovation (FESI), an independent 501(c)(3) nonprofit launched in May 2024, today announced its first two investments which will support initiatives aimed at safeguarding America's energy infrastructure and accelerating the commercialization of cutting-edge energy technologies.
FESI is advancing America's security and prosperity by fostering partnerships and ideas to speed up the deployment of energy innovations from the lab to the marketplace. Its programs will enhance domestic energy security, support American communities, and keep the United States at the forefront of global energy leadership.
"American prosperity and energy security depends on private sector investment," said U.S. Senator Lindsey Graham (R-South Carolina). "The Foundation for Energy Security and Innovation gets it right by leveraging targeted federal dollars and investments from energy innovators. I look forward to seeing what the Foundation accomplishes in the future."
"Since we were appointed in May of this year, the inaugural FESI Board of Directors has identified strategic opportunities where FESI's flexible, market-focused approach can move the needle," said Dr. Rita Baranwal, FESI Board Member and former Assistant Secretary for Nuclear Energy at the U.S. Department of Energy (DOE). "These investments reflect our commitment to strengthen our nation's energy innovation pipeline and help American entrepreneurs bring transformative technologies to life."
Filling critical funding gaps in programs with bipartisan backing, FESI's first commitments will support two DOE efforts:
Led by DOE's Office of Cybersecurity, Energy Security, and Emergency Response (CESER), RMUC safeguards the electric grid by providing rural and municipal utilities with tools, training, and funding to counter evolving cyber threats. FESI's investment will provide technical assistance to resource-constrained community-based utilities — crucial to powering rural America's homes, farms, and businesses — enabling access to critical funding needed to protect our nation's energy security.
Established by DOE's Office of Technology Transitions (OTT) in 2020, EPIC fosters thriving energy innovation ecosystems across the nation that drive economic growth and job creation through targeted business assistance. FESI's investment will help America's startups and small businesses scale from research and development to successful market deployment, bolstering domestic energy production and securing U.S. technological leadership.
"I led the charge to create FESI because injecting private funding into the most exciting energy projects developed by public research will ensure these technologies make a real-world impact as quickly as possible," said U.S. Senator Chris Coons (D-Delaware). "Today's announcement that two energy projects have already secured funding after only seven months of FESI's existence is a stellar demonstration of how this Foundation works and how important it will be going forward. I'm confident FESI will play a vital role in rapidly bringing these technologies to the market and ensuring America's future energy competitiveness."
"FESI's board aimed for action right out of the gate, and a reliable, secure energy grid is essential to our national and economic security," said Miranda Ballentine, FESI Board Chair, and former Assistant Secretary of the Air Force for Installations, Environment, and Energy. "By accelerating private-sector innovation, strengthening rural utilities, and advancing cutting-edge technologies, FESI will support America's energy dominance and keep our nation's infrastructure competitive, secure, and prosperous."
FESI's program investments demonstrate our action-oriented vision for America's role in energy leadership. These investments are only the start for FESI, which will work to execute its mission through collaboration with energy researchers, institutions of higher education, industry, and nonprofit and philanthropic organizations to accelerate the commercialization of energy technologies.
About The Foundation for Energy Security and Innovation (FESI):
FESI is an independent 501(c)(3) nonprofit organization. Our mission is to advance collaboration with energy researchers, institutions of higher education, industry, and nonprofit and philanthropic organizations to accelerate the commercialization of energy technologies. FESI supports the Department of Energy (DOE) in carrying out its mission to ensure the security and prosperity of the United States by addressing energy and environmental challenges through transformative science and technology solutions.
As the thirteenth Congressionally-authorized private foundation to support the mission of a Federal Agency, FESI supports the DOE in carrying out its mission to ensure the security and prosperity of the United States by addressing energy and environmental challenges through transformative science and technology solutions.
This builds on a well-proven model demonstrated over decades by the foundations that support the NIH, CDC, CIA, and other agencies that protect and serve the American people. The DOE worked with Congress to build FESI's framework under DOE Secretaries Dan Brouillette (2019-2021) and Jennifer Granholm (2021-present). Bipartisan co-sponsors in the House and Senate wrote the Partnerships for Energy Security and Innovation Act of 2021 (S.1359 and H.R.4863), and FESI was authorized as part of the bipartisan CHIPS and Science Act of 2022.
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