Title: IMPACT for Energy Act
Policy area: Energy

Summary:
Increasing and Mobilizing Partnerships to Achieve Commercialization of Technologies for Energy Act or the IMPACT for Energy Act
This bill requires the Department of Energy to establish a nonprofit corporation named the IMPACT for Energy Foundation to channel private sector investment into commercial innovative technologies in energy.
The foundation may establish one or more for-profit subsidiaries, including an impact investment fund to (1) stimulate economic development activities, and (2) attract for-profit investment partners for technology translation and commercialization activities.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2005 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2005

             To establish the IMPACT for Energy Foundation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 27, 2019

 Mr. Coons (for himself and Mr. Graham) introduced the following bill; 
   which was read twice and referred to the Committee on Energy and 
                           Natural Resources

_______________________________________________________________________

                                 A BILL


 
             To establish the IMPACT for Energy Foundation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Increasing and Mobilizing 
Partnerships to Achieve Commercialization of Technologies for Energy 
Act'' or the ``IMPACT for Energy Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Department.--The term ``Department'' means the 
        Department of Energy.
            (2) Foundation.--The term ``Foundation'' means the IMPACT 
        for Energy Foundation established under section 3(a).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.

SEC. 3. ESTABLISHMENT OF IMPACT FOR ENERGY FOUNDATION.

    (a) Establishment.--
            (1) In general.--Not later than February 1, 2021, the 
        Secretary shall establish a nonprofit corporation to be known 
        as the ``IMPACT for Energy Foundation''.
            (2) Limitation.--The Foundation shall not be an agency or 
        instrumentality of the Federal Government.
            (3) Nonapplicability of faca.--The Federal Advisory 
        Committee Act (5 U.S.C. App.) shall not apply to the 
        Foundation.
            (4) Nonprofit status.--The Foundation shall be an 
        organization described in section 501(c) of the Internal 
        Revenue Code of 1986 and exempt from taxation under section 
        501(a) of that Code.
            (5) Board of directors.--
                    (A) In general.--The Foundation shall operate under 
                a board of directors.
                    (B) Initial appointment.--The initial appointment 
                of the board of directors shall be facilitated by the 
                Secretary.
                    (C) Composition.--To the maximum extent 
                practicable, the board of directors shall include 
                representatives from a diverse range of communities, 
                including--
                            (i) the academic community;
                            (ii) the business community;
                            (iii) nonprofit organizations;
                            (iv) the communities surrounding the 
                        laboratories and facilities of the Department; 
                        and
                            (v) the technology transfer and 
                        commercialization community.
                    (D) Restriction on membership.--No employee of the 
                Department shall be appointed as a member of the board 
                of directors.
    (b) Purpose; Activities.--
            (1) Purpose.--The purpose of the Foundation is to channel 
        private sector investments that support efforts to create, 
        develop, and commercialize innovative technologies that address 
        energy challenges by methods that include--
                    (A) fostering collaboration and partnerships with 
                researchers from the Federal Government, State 
                governments, institutions of higher education, 
                federally funded research and development centers, 
                industry, and nonprofit organizations for the research, 
                development, or commercialization of transformative 
                energy technologies;
                    (B) leveraging technologies by supporting new 
                product development that supports regional economic 
                development; and
                    (C) administering prize competitions to accelerate 
                private sector competition and investment.
            (2) Activities.--
                    (A) In general.--The Foundation may solicit and 
                accept gifts, grants, and other donations, establish 
                accounts, and invest and expend funds in support of the 
                activities and programs described in subparagraphs (B) 
                through (D).
                    (B) Studies, competitions, and projects.--The 
                Foundation may conduct and support studies, 
                competitions, projects, and other activities that 
                further the purpose of the Foundation described in 
                paragraph (1).
                    (C) Fellowships and grants.--
                            (i) Award.--The Foundation may award 
                        fellowships and grants for activities relating 
                        to research, development, prototyping, 
                        maturing, or commercializing of energy 
                        technologies.
                            (ii) Form of award.--A fellowship or grant 
                        under clause (i) may consist of a stipend, 
                        health insurance benefits, funds for travel, 
                        and funds for other appropriate expenses.
                            (iii) Selection.--
                                    (I) In general.--The Foundation 
                                shall award a fellowship or grant under 
                                clause (i) based on the technical and 
                                commercialization merits of the 
                                proposed project.
                                    (II) Input.--In selecting 
                                recipients of a fellowship or grant 
                                under clause (i), the Foundation may 
                                consult with potential recipients 
                                regarding the ability to carry out 
                                various projects that would further the 
                                purpose of the Foundation described in 
                                paragraph (1).
                            (iv) Federal laboratories.--A Federal 
                        laboratory that applies for or accepts a grant 
                        under clause (i) shall not be considered to be 
                        engaging in a competitive procedure.
                    (D) Supplementary programs.--The Foundation may 
                carry out supplementary programs--
                            (i) to conduct and support forums, 
                        meetings, conferences, courses, and training 
                        workshops consistent with the purpose of the 
                        Foundation described in paragraph (1);
                            (ii) to support and encourage the 
                        understanding and development of--
                                    (I) data reporting models that 
                                promote the translation of technologies 
                                from the research stage, through the 
                                development and maturation stage, and 
                                ending in the market stage; and
                                    (II) policies that make regulation 
                                more effective and efficient by 
                                leveraging the technology translation 
                                data described in subclause (I) for the 
                                regulation of relevant technology 
                                sectors;
                            (iii) for writing, editing, printing, 
                        publishing, and vending books and other 
                        materials relating to research carried out 
                        under the Foundation; and
                            (iv) to conduct other activities to carry 
                        out and support the purpose of the Foundation 
                        described in paragraph (1).
                    (E) Authority of foundation.--The Foundation shall 
                be the sole entity responsible for carrying out the 
                activities described in this paragraph.
                    (F) Administrative control.--No participant in a 
                program under this paragraph or employee of the 
                Foundation shall exercise any administrative control 
                over any Federal employee.
    (c) Support Services.--The Secretary may provide facilities, 
utilities, and support services to the Foundation if it is determined 
by the Secretary to be advantageous to the research programs of the 
Department.
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as are necessary for 
fiscal year 2020 and each fiscal year thereafter.

SEC. 4. ESTABLISHMENT OF FOR-PROFIT SUBSIDIARIES.

    (a) Establishment.--The Foundation may establish 1 or more for-
profit subsidiaries, including an impact investment fund--
            (1) to stimulate economic development activities relating 
        to the purpose of the Foundation described in section 3(b)(1); 
        and
            (2) to attract for-profit investment partners for 
        technology translation and commercialization activities.
    (b) Authorities of the For-Profit Subsidiary.--
            (1) In general.--Subject to paragraph (2), a for-profit 
        subsidiary established under subsection (a) may--
                    (A) enter into a partnership with an economic 
                development corporation, including an incubator, 
                accelerator, or small business investment company;
                    (B) pay for the cost of building and administering 
                a facility, including a microlab or incubator, to 
                support the activities of the Foundation described in 
                section 3(b)(2); and
                    (C) provide funding to a startup.
            (2) Cost recovery requirements.--A for-profit subsidiary 
        established under subsection (a) shall--
                    (A) ensure that the Foundation owns any 
                intellectual property rights generated through 
                activities funded by the for-profit subsidiary, if 
                appropriate; and
                    (B) own an equity stake in any startup invested in 
                by the for-profit subsidiary.
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