Greentown Labs has announced a reduction in its staff, which affects both of its locations.
In a letter addressed to the Greentown Labs community, the organization's CEO and President Kevin Knobloch reported that Greentown will be reducing its staff by 30 percent, eliminating 12 roles in Boston and six in Houston. Knobloch noted changes in leadership, growth of the team, and adjustments following the pandemic.
"Greentown Labs grew rapidly over the past four years in pursuit of advancing its mission to catalyze climate action through entrepreneurship, partnership, and collaboration," Knobloch writes in the letter. "This created a structural deficit where growth outpaced revenue."
The letter did not provide details of which positions were eliminated at either location.
With these resizing of the staff and reduced expenses, Knobloch writes that the organization is positioned well for its future.
"Despite this decision, I remain optimistic about the future for Greentown and the impact we will have on addressing the climate crisis," Knobloch tells the community. "Our mission is as urgent as ever and we remain committed to supporting all of you—our startups—by prioritizing core operations, member services, and strategic partner engagements."
Knobloch took the helm of Greentown last summer. He previously served as chief of staff of the United States Department of Energy in President Barack Obama’s second term.
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This article originally ran on EnergyCapital.
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