Australia’s first business accelerator program dedicated to developing clean energy startup companies has opened applications for its second intake less than two months after launching.
In April this year EnergyLab launched its Acceleration Program focussed entirely on helping startups working on innovations integral to achieving a 100% clean energy future. The four companies to join its first cohort span solar, electric vehicles, energy efficiency and buildings with low embodied energy.
Now applications are opening for a second intake of companies to the Acceleration Program.
“The progress we’ve seen in EnergyLab’s first cohort in just six weeks is inspiring and has given us confidence that there is a real need for support tailored towards clean energy startups,” said Piers Grove, Executive Director of EnergyLab. “Being in a position to see the great diversity of clean energy startups in Australia is one of the best things about this job, and we can’t wait to see who applies for this cohort.”
Jobs for NSW CEO Karen Borg said: “The private-sector led, NSW Government supported Jobs for NSW provided a $120,000 grant to support the fitout and first year operating costs of EnergyLab, to help create Australia’s first startup accelerator program focused on developing the state’s renewable and advanced energy sector. It is fantastic to see EnergyLab now achieving positive progress in developing emerging clean energy technology companies for what is an exciting growth industry of the future.”
Companies accepted into the program receive a suite of support services to accelerate their development and increase their chances of success. Mentoring is a big focus of the program, with startups meeting with a business coach weekly and gaining access to a large network of mentors.
The Clean Energy Seed Fund, managed by Artesian Venture Partners, will invest at least $50,000 in each startup and provide significant support in raising further capital. The fund, established by Artesian in April to foster the innovation ecosystem in Australia’s Clean Energy sector, has received a cornerstone investment from the Clean Energy Finance Corporation.
During the program startups receive free rent in EnergyLab’s coworking space, alongside other clean energy companies. This is made possible by support from UTS, who host EnergyLab in their historic Blackfriars campus, in the middle of UTS’s evolving startup precinct.
EnergyLab’s program is differentiated from other accelerators in Sydney by focussing specifically on the unique needs of startups working in the energy industry. Best practice from cleantech accelerators around the world was sourced in the development of the program, including input from Climate-KIC, who have significant experience running similar programs in Europe.
Applications for the second cohort of the Acceleration Program are now open and will close on July 9. Selected startups will be announced in August before starting the program in September. For more information and to apply visit energylab.org.au/acceleration.
Media contact: Piers Grove, [email protected], 0416 166 566