Announcement this summer that international intelligent power management company Eaton would acquire Resilient Power Systems marked a major milestone for the Atlanta-based startup. It was also cause for celebration in Birmingham.
A developer and manufacturer of innovative energy solutions to modernize the nation's power grid, Resilient was part of the first cohort of startups that participated in the Techstars Alabama EnergyTech Accelerator when the accelerator launched in 2020. With its acquisition by Eaton set to be completed this fall, Resilient becomes the first TechStars Alabama alumnus to experience an exit from the startup phase.
Kevin Kaye, innovation manager for Alabama Power. The utility was instrumental in launching the Techstars Alabama EnergyTech Accelerator. (Contributed)
That's an indicator that TechStars and Alabama are doing the right things when it comes to encouraging and supporting innovation, said Kevin Kaye, innovation manager for Alabama Power. The utility was a leader of the partnership that created Techstars Alabama and continues to power the work of the accelerator, which is housed at Birmingham's Innovation Depot.
"When Alabama Power started this accelerator five years ago, we were told it would take five to seven years to really start seeing results," said Kaye. "We've already seen positive results in the growing startup communities in Birmingham and throughout Alabama, and the acquisition and exit of Resilient confirms that major companies around the world are paying attention to the innovations and companies coming out of this ecosystem.
"It also speaks to the role Techstars is playing in shaping the future of economic opportunity in Alabama."
To date, the EnergyTech Accelerator has had a total of 54 companies complete its 13-week program, supporting startups in the fields of Climate Tech, Clean Tech, and Energy Efficiency, including energy distribution, smart grids, and wind energy. That number is growing during September, as Techstars Alabama welcomes its latest cohort of six companies.
An affiliate of global startup accelerator Techstars, the Alabama EnergyTech Accelerator was launched with support from the Alabama Department of Commerce, the Economic Development Partnership of Alabama (EDPA) and other organizations and companies across the state, along with Alabama Power. Ongoing support for the program comes through Innovate Alabama, the state's public-private partnership focused on entrepreneurship, technology and innovation.
"The tech and startup scene in Birmingham is thriving," said David Cohen, founder and CEO of Techstars. "The acquisition of Resilient sends a strong signal about the commitment of our EnergyTech Accelerator to investing in companies developing innovative solutions to today's most pressing energy challenges."
