Northwest Energy Angels, the cleantech investment organization, today took on a new name: Element 8.
The group’s decision to rebrand itself, announced today at its annual Cleantech Leadership Forum, came about after members decided to strip any references to location (Northwest) and specific technology (energy) in the name.
“Simply put, we continue to see deal flow from, and make investments in, companies that are far outside the Northwest and outside of pure energy technologies,” Alison Shaw, co-chair of Element 8’s outreach committee, said in a statement.
As part of the rebranding process, the organization also made changes to its website and messaging. However, its mission, processes or member benefits will stay the same.
The name “Element 8,” is an ode to the eighth element — oxygen — which is symbolic for the benefits the organization provides to its portfolio companies and the cleantech ecosystem overall.
Element 8’s members invested $3.8 million in 13 companies last year, which was less than a record-setting $4.7M invested in 15 companies one year prior. There are nearly 70 angel investors in the group, who hail from all over the Pacific Northwest. Element 8 has invested close to $14 million in 43 companies since its inception seven years ago.
