We were like an indie band writing our first album. No record label, but a strong group of experts surrounding us. The album is “EEx Fund One.”

It is actually a $3 million fund to help Energy Excelerator entrepreneurs develop their businesses, hire new employees and find new customers.

Energy Excelerator, aka “the band,” is a Hawaii- based program for energy entrepreneurs.

Many of you have met the band members: Dawn Lippert (co-founder and director of Energy Excelerator), Jill Sims (co-founder and demonstration track), Brad Punu (strategic partnerships), Heather Richman (strategic partnerships– Silicon Valley), and a handful of us behind the scenes writing lyrics and producing beats.

The first track on the album: “Mo’ Money Mo’ Progress.”

It tells the story of why we set up the fund.

In the energy field, the need for capital is B.I.G.

Fundraising is one of the biggest pains for our companies, and our mission is to help.

Track 2: “99 Problems and a Small Fund Was One.”

This song lays out how in August 2013 we gathered a group of close friends and sketched out what we were calling at the time “HI ‘Smart Growth’ Fund.” After speaking with dozens of startups in our portfolio, investors and other accelerators who had raised funds, we took away three pieces of sage advice: 1. Stick to what you know. 2. Keep it simple. 3. Never stop asking yourself “Am I adding value?”

As we began talking to investors, the No. 1 question we got was “Why are you raising such a small fund?” A $3 million fund is small compared to the hundreds of millions of dollars other investors have raised.

The answer: This is Energy Excelerator’s proof-of-concept fund. It follows the $30 million commitment to the Energy Excelerator made by the Navy in September 2013. With it we are testing two hypotheses: 1. Will bringing together different types of money for startups (grants and venture capital) accelerate the pace of commercialization? 2. Is our program helping other investors and customers find the best opportunities?

In April 2016, we officially closed EEx Fund One at $3 million with 10 diverse organizations and individuals. Investors included Hawaii- based organizations, such as Hawaii Strategic Development Corp., Hawaii Gas, and Hawaiian Electric (as a supporting partner). When our companies succeed, EEx Fund One investors share in their success.

Track 3: “Pongamia Fields Forever.”

Here we sing of what our first three companies do with the money.

>> Ibis Networks enables commercial and government enterprises to cut plug-load energy consumption (the electricity used by devices plugged into wall outlets) by up to 40 percent. Originally developed for the military, Ibis Networks’ technology creates a secure, scalable and centrally managed system for controlling and monitoring devices. Their core technology was spun out of Honolulu-based tech innovation firm Oceanit. The technology is used on three University of Hawaii campuses and is being sold through Honeywell’s Alerton.

>> PlotWatt uses machine learning algorithms to collect and analyze information from smart meters. PlotWatt works with small­ to ­medium businesses, quick-service restaurant chains and smart-grid service providers, using energy analytics to provide feedback and easy­-to-­understand recommendations. They are currently signing up businesses for their Energy Excelerator demonstration project at info.plotwatt.com/energy-excelerator.

>> TerViva develops and commercializes new crops that grow sustainably on underproductive agriculture land. Pongamia, their first crop, is a leguminous species of tree that produces an annual harvest of pods containing seeds that can be processed into eight times more fuel oil than soybeans, using less water and fertilizers than most other crops.

Who knows when Energy Excelerator will release its next album? You’ll have to stay tuned to find out.

Lauren Tonokawa is head of the communications team at the Energy Excelerator. She’s a graduate of the University of Hawaii. Reach her at laurentonokawa@gmail.com.