Funding for renewable energy start-ups
Renewable energy start-ups will receive federal government funding to help get them off the ground.
EnergyLab, a start-up accelerator program, has four core programs:
- Pre-Acceleration — helping entrepreneurs with an idea to test its commercial viability.
- Acceleration — EnergyLab’s flagship program helping the most promising energy start-ups launch a product into the market, secure first customers and raise a seed funding round.
- Scale Up — providing late-stage energy start-ups with introductions to decision-makers at Australia’s most innovative energy utilities, mentorship from Australia’s most successful energy-sector founders, and advice from Australia’s most active energy-sector investors.
- Women in Clean Energy Fellowship — equipping women interested in energy entrepreneurship with the skills, knowledge and support they need to start a company.
Since 2017, EnergyLab has supported over 80 Australian energy start-ups through its programs.
Recruitment of entrepreneurs and start-ups for the Scale Up program is underway now, with chosen applicants to be announced later in 2020.
ARENA CEO Darren Miller said the project would help Australia’s brightest clean energy entrepreneurs turn their ideas into reality.
“Start-ups and entrepreneurs play an important role in accelerating the uptake of clean energy solutions; however, they can also face challenges in reaching scale and aren’t equipped to overcome hurdles such as high capital requirements, geographic constraints and revenue delay.
“EnergyLab, through mentoring and supporting start-ups, will help us to see an increase in expertise, skills and capacity in the renewable energy technology sector and identify pathways to commercialisation to keep Australia at the forefront of renewable energy innovation,” Miller said.
“ARENA’s support will enable us to do even more to support Australia’s leading clean energy entrepreneurs,” said EnergyLab CEO James Tilbury.
“In particular, this funding allows us to launch a Scale Up program to provide the best late-stage energy start-ups with the support they need to reach their full potential.”
EnergyLab is also supported by a number of energy industry stakeholders, such as Origin Energy, APA Group, Powerlink, the University of Technology Sydney, Ausnet Services, Climate-KIC, KPMG, Aperion Law and the Clean Energy Finance Corporation.
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