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 EnergyLab launched its Acceleration Program, focused 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.
Applications are now 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 EnergyLab executive director Piers Grove. “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 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 achieving positive progress in developing emerging clean energy technology companies for what is an exciting growth industry,” said Jobs for NSW CEO Karen Borg.
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 co-working space, alongside other clean energy companies. This is made possible by support from UTS, which hosts EnergyLab in its historic Blackfriars campus in the middle of its evolving start-up precinct.
Best practice from clean tech accelerators around the world has been sourced in the development of the program, including input from Climate-KIC, which has significant experience running similar programs in Europe.
Applications for the second cohort of the Acceleration Program are 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