The Australian Renewable Energy Agency has announced $480,000 in funding to start-up accelerator EnergyLab.
On behalf of the Australian Government, the Australian Renewable Energy Agency’s (ARENA) funding will be spread over 12 months.
EnergyLab’s start-up accelerator program has four core pillars:
- Pre-acceleration: helping entrepreneurs test the commercial viability of their ideas.
- Acceleration: helping the most promising start-ups launch their products into the market, secure funding 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 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.
Recruitment of entrepreneurs and start-ups for the Scale Up program is under way now; selected applicants will be announced later this year.
The project will help Australia’s brightest clean energy entrepreneurs turn their ideas into reality, says ARENA CEO Darren Miller. “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.”
Since 2017, EnergyLab has supported more than 80 Australian energy start-ups through its program, including Amber Electric, which allows customers to reduce energy costs via access to wholesale electricity prices. EnergyLab is 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.
“ARENA’s support will enable us to do even more to support Australia’s leading clean energy entrepreneurs,” says EnergyLab CEO James Tilbury. “In particular, the 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.”