Giving Compass' Take:

• Chris O'Brien reports that Elemental Excelerator is expanding to California after its success in accelerating sustainable startups in Hawaii. 

• Is this approach sustainable? Is this a viable philanthropic model elsewhere? 

• Learn how impact investing can support sustainable development

Hawaii-based Elemental Excelerator announced it has raised $30 million from the U.S. Navy and will expand its socially minded accelerator program to California.

The nonprofit program finds and nurtures startups working on solutions to pressing social and environmental issues in areas such as sustainable energy, mobility, agriculture, and water. Each year, it accepts from 15 to 20 companies and backs them with funding of up to $1 million.

In an annual report released, Elemental disclosed that 63 companies have been awarded $22 million by the accelerator and have gone on to raise a total $350 million in outside funding.

Lippert explained that Elemental doesn’t actually take stakes in the startups it backs, though some may choose to donate equity down the road. In 2016, Elemental raised $3 million to create EEx Fund One, a for-profit venture fund that provides follow-on financing for some of the most promising companies. As of this summer, it has backed 12 companies.

Read the full article about sustainable startups by Chris O'Brien at VentureBeat.