§ 10-859

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§10–859.

(a)There is a Climate Technology Founder’s Fund.

(b)The purpose of the Fund is to provide early–stage funding for start–up companies focused on qualified projects in climate technologies.

(1)The Center shall administer the Fund.

(2)The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.

(d)The Fund consists of:

(1)money appropriated in the State budget to the Fund;

(2)money made available to the Fund through private contributions and federal grants or programs;

(3)proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;

(4)repayment of financing made from the Fund;

(5)returns from or recovery of any financing made from the Fund;

(6)proceeds from the sale of any financing made or assets acquired with proceeds from the Fund;

(7)money transferred from the Maryland Strategic Energy Investment Fund under § 9–20B–05 of the State Government Article;

(8)interest earnings on money in the Fund; and

(9)any other money from any other source accepted for the benefit of the Fund.

(1)The Fund may be used only to:

(i)evaluate and coordinate financing for qualified projects related to the purpose of the Fund;

(ii)provide financing to qualified projects;

(iii)secure private investment capital for financing of qualified projects; and

(iv)subject to paragraph

(2)of this subsection, administer the Fund and the activities of the Center in carrying out this part.

(2)Money in the Fund may be allocated as follows:

(i)up to $1,720,000 for direct investments of the Fund;

(ii)up to $3,280,000 for the Maryland Clean Energy Center and the Maryland Energy Innovation Accelerator tech support programs; and

(iii)up to $2,000,000 for Maryland Energy Innovation Institute seed grants.

(1)Subject to paragraphs

(2)and

(3)of this subsection, in determining the qualified projects to receive investment from the Fund, the Center shall give preference to companies that are small, minority, women–owned, and veteran–owned businesses in the clean energy industry.

(2)At least 40% of the funds awarded by the Center shall be used for equity investments in minority, women–owned, and veteran–owned businesses start–up companies.

(3)Forty percent of the funding from the Center’s overall appropriation that is allocated for Maryland Energy Innovation Institute seed grants shall be used to provide grants for start–up companies from minority serving institutions.

(1)Expenditures from the Fund may be made only with approval of the Fund Oversight Committee.

(2)A recipient of financial assistance under this section shall provide matching funds for the qualified project equal to the amount of financial assistance awarded from the Fund by the Center.

(h)On or before October 1 each year, the Center shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the use of the Fund and outcomes of investments made from the Fund.