Nike Sets Up Green Venture Capital Arm
The sports clothing company’s Sustainable Business & Innovation Lab is to back startups focused on alternative energy and more efficient manufacturing approaches, Bloomberg Businessweek reports.
Nike has hired venture capital and private equity managers to run the lab, but has not yet revealed the project’s budget. The lab is yet to make any investments and any that are made will have to be approved by management, according to Businessweek.
In August, Nike promised to eliminate all hazardous chemicals across its entire supply chain, and the entire life-cycle of its products, by 2020, bowing to pressure from Greenpeace.
Nike’s announcement came five weeks into the pressure group’s “Detox Challenge,” which, in Greenpeace’s words, targets a “toxic free future.”
Its decision came after a similar announcement by rival Puma in July and around a fortnight before a similar commitment by Adidas.
Energy Manager News
- Clauses to Consider in Green Leases
- Bahama Yacht Club to Generate Power from Solid Waste
- Duke Energy, USF Launch Solar Battery Research Initiative
- Energy Storage Helps Hotel Reduce Demand Charges by 10%
- EU Smart Campus Pilot Achieves 30% Energy Savings
- Uline to Operate 130 GenDrive Fuel Cell Units from Plug Power
- Los Angeles Shopping Center Installs 504 kW Solar
- SustainCo Wins $575,000 Contract for Energy Management Controls