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Middle Bit: MidAmerican Energy passes 50 percent mark in renewable energy

June 29, 2018

MidAmerican Energy recently announced that more than half of their electricity provided to Iowa customers came from renewable sources last year.

The Iowa Utilities Board verified that MidAmerican Energy served 50.8 percent of its retail electric load using renewable generation. MidAmerican Energy expects this percentage to grow annually as the company completes additional wind projects.

“MidAmerican Energy has achieved an exciting milestone as a renewable energy leader,” Adam Wright, MidAmerican Energy President and CEO, said in the press release. “We have now crossed the 50-yard line and we’re moving closer to the goal, which is the vision we announced in 2016 to ultimately provide 100 percent renewable energy for our customers.”

What else happened…

Illinois

LearnCore, a sales training software maker, has been acquired by Showpad, a Belgian company, for $50 million. It’s the second recent deal in the sales-enablement software space involving a Chicago company. Five-year-old LearnCore has about 50 employees, who will join Showpad’s Chicago office of about 40. —Chicago Business

Missouri

A Kansas City-based community bank has partnered with the LaunchKC grants contest to offer the Fountain City Fintech Accelerator, which will soon welcome applications for its inaugural class. The 75-day program begins Oct. 1. —Startland News

Nebraska

The first round of 2018 Big Omaha speakers, sponsors and emcee were announced Friday morning. Over the last ten years, the entrepreneurship conference has welcomed over 4,000 participants from all over the country and dozens of speakers specializing in technology, innovation, and entrepreneurship. —Silicon Prairie News

Utah

Podium, a Utah-based company that helps businesses manage reviews and communicate with customers online, announced today that it has raised $60 million in financing. The round was lead by IVP and joined by existing investors, including Accel, GV (formerly known as Google Ventures), and Y Combinator. —VentureBeat

Middle Bit: MidAmerican Energy passes 50 percent mark in renewable energy | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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