OAKLAND, December 11, 2018 — WattTime is proud to announce the selection of Gavin McCormick, the cleantech nonprofit’s Executive Director and Co-Founder, as a Draper Richards Kaplan (DRK) social entrepreneur.
WattTime will receive $300K of financial support over the next three years. One-third of that funding will come in the form of a loan, as DRK Foundation opts to participate in an innovative debt financing round led by RSF Social Finance. In addition, McCormick will receive executive support to scale WattTime and access to a valuable network of other social entrepreneurs, partners, and domain experts.
The DRK Foundation seeks to make a significant impact on our society’s most challenging issues through innovative strategies, systems level change, and disruptive technologies. DRK partners with early-stage entrepreneurs to build sustainable and scalable organizations by providing funding, organizational support and an unparalleled network of entrepreneurs. Their portfolio spans the entire globe and ranges from climate organizations to educational groups and beyond.
As a nonprofit, McCormick and WattTime are especially suited to the rigorous support provided by DRK Foundation. McCormick and the WattTime team use machine learning and automation to reach new frontiers in energy choice and give people and companies a simple way to choose to use clean energy.
Potential for expansive impact is an important quality shared by all DRK Foundation portfolio organizations, and WattTime’s solutions are poised for widespread adoption. Their Automated Emissions Reduction (AER) technology, which turns smart devices into powerful tools for carbon emissions reduction, has the potential to be deployed globally on 23 billion devices by 2020. If adopted at scale in the U.S. alone, it could eliminate 380 million tons of CO2 emissions.
“To say the WattTime team and I are honored to join the ranks of other DRK Foundation organizations is an understatement,” said McCormick. “We often operate like a startup, but we’re a nonprofit at our core, and we rely on the confidence and support of groups like DRK in order to make the greatest impact. Their partnership will be essential in helping WattTime achieve its mission to give people everywhere the power to choose the energy they use.”
As WattTime begins its partnership with DRK Foundation, the nonprofit also welcomes Stephanie Khurana to its board. Khurana is a DRK Foundation Managing Director and successful serial entrepreneur with deep experience in building SaaS companies.
Included in the list of other DRK portfolio organizations are: Kiva, the world’s first crowdfunding platform for social good; SIRUM, a group that redistributes unused prescription medicines to low-income patients; and Kinvolved which catalyzes communities to keep kids in school through a text-based parent engagement platform.
Learn more about McCormick, WattTime and their involvement with DRK Foundation here.
WattTime is a nonprofit with a software tech startup DNA, dedicated to giving everyone everywhere the power to choose clean energy. We invented Automated Emissions Reduction (AER), which allows utilities, IoT device, energy storage companies, and any end user to effortlessly reduce emissions from energy, when and where they happen. Our cutting-edge insights and algorithms, coupled with machine learning, can shift the timing of flexible electricity use to sync with times of cleaner energy and avoid times of dirtier energy. We sell solutions that make it easy for anyone to achieve emissions reductions without compromising cost and user experience. WattTime was founded by PhD researchers from the University of California, Berkeley, and in 2017 became a subsidiary of Rocky Mountain Institute.
For more information, please visit WattTime.org.