Australian Renewable Energy Agency (ARENA) has, on behalf of the Australian Government, given $480,000 in funding over the next 12 months to EnergyLab Australia to support the startup acceleration program designed to assist clean energy entrepreneurs.
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 startups launch a product into the market, secure first customers and raise a seed funding round.
- Scale Up – providing late-stage energy startups with introductions to decision-makers at Australia’s most innovative energy utilities, mentorship from Australia’s 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 startups through its programs.
Recruitment of entrepreneurs and startups for the Scale Up program is underway now, with chosen applicants to be announced later in 2020.
ARENA CEO Darren Miller said: “Startups 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 startups, will help us to see an increase in expertise, skills and capacity in the renewable energy technology sector and identify pathways to commercialization to keep Australia at the forefront of renewable energy innovation.”
EnergyLab CEO James Tilbury added: “ARENA’s support will enable us to do even more to support Australia’s leading clean energy entrepreneurs.
“In particular, this funding allows us to launch a Scale Up Program to provide the best late-stage energy startups with the support they need to reach their full potential.”