A business acceleration program dedicated to seed-funding and mentoring renewable and advanced energy startups is being launched in Sydney, in an effort to bridge Australia’s investment “valley of death” by linking clean energy innovation with both private capital and commercial nous.
The EnergyLab Acceleration Program is being launched by EnergyLab in conjunction with newly established public-private partnership, Climate-KIC Australia, which is based on the success of Climate-KIC in Europe. It is being supported by Jobs for NSW and UTS.
EnergyLab says the program, which will be based in Chippendale, Sydney, has been tailored to cater for the unique needs of clean energy businesses including those working in the fields of renewable energy, battery storage and energy efficiency, and to be longer and more flexible than other more typical startup accelerators.
The closest such program in Australia would most likely be the highly successful Melbourne-based Australian Technologies Competition, which goes into its seventh year this year and boasts cleantech success stories including BluGlass, WattWatchers, Enlighten Australia and SMAC Technologies among companies it has helped to gain a footing on the global stage.
EnergyLab says eight start-ups will be selected to participate in the inaugural 12-month long Acceleration Program in 2017, with the aim of helping them to transform a fledgling product or service into a market ready, investable company.
Each start-up will also receive at least $50,000 in seed capital, as well as free rent, mentoring and professional services.
Christopher Lee, who will head up Climate-KIC Australia, says his team will bring European experience to the Sydney venture, while offering a program that’s “distinctly Australian and relevant in an Asian context.”
“This is an exciting step up for the cleantech startup community in Sydney,” said EnergyLab cofounder Piers Grove in a statement on Wednesday.
“Being able to offer industry specific support in this vibrant community will help position Sydney as a go-to market for innovation and opportunity,” he said.
Applications for the Acceleration Program are now open and will close on February 19. Selected startups will be announced in March before starting the program in April. For more information and to apply visit energylab.org.au.
