A program dedicated to seed-funding and mentoring renewable and advanced energy startups is being launched in Sydney, in an effort to bridge Australia’s clean energy investment “valley of death”.
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, has been tailored to cater for the unique needs of clean energy businesses including renewables, battery storage and energy efficiency, and to be longer and more flexible than other startup programs.
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.”
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.
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