Brinc Launches Australia Clean Energy Accelerator Program
The clean energy accelerator is an extension of the Brinc-Artesian partnership.
By Sharon Lewis
Venture capital and accelerator firm Brinc has partnered with global alternative investment management firm Artesian to launch an Australia Clean Energy Accelerator Program in Sydney, Brinc announced in a statement.
With the program, Brinc aims to supports Australia’s goal to use 50% renewable energy by 2030 by investing in clean energy startups in Australia. It focuses on startups that tackle industrial-level energy concerns, such as electrical efficiency technologies, electrical grid innovations, and renewable energy solutions.
The three-month program will offer funding of AU$150,000 (a little over US$95,000) in exchange for equity and AU$30,000 (around US$19,000) in program fees. It will kick off in June 2020.
It will also expose participants to negotiations with Australian energy companies for piloting solutions, provide post-accelerator business development and funding advice, and open local and international growth opportunities, the statement said.
“Similar to our Greater Bay Area Clean Energy program, we are hoping to facilitate points of contact with energy companies. In our first Clean Energy cohort (Fall 2019), we were able to secure global POCs with Schneider Electric,” Brinc tells Jumpstart via email.
Artesian’s Clean Energy Seed Fund, which invests in seed to growth stage clean energy Australian startups, will be supporting the program. Artesian will provide follow-up capital of upto AU$2 million (about US$1.3 million) to high performing companies, Brinc says in the email response.
Manav Gupta, Founder & CEO, Brinc, noted in the statement “We have an opportunity to reimagine technology stacks, business models, hardware & software applications and services, data gathering & analysis, and so much more in the Energy space.”
“We’re excited to back the best climate & energy game changers in Australia as we all work towards developing a more sustainable foundation for our growing energy needs,” he continued.
Artesian has also partnered with Brinc for its accelerator programs in the Greater Bay Area (Hong Kong & Mainland China), and they have together invested in 57 startups so far.
24% of Australia’s total electricity generation comes from renewable sources, almost two-thirds of it coming from large-scale solar capacity such as over 2 million solar-enabled Australian households, according to the Clean Energy Council’s 2019 report.
Additionally, Australia is also a signatory to the Paris Agreement. But coal-fired power stations still attend to two-thirds of Australia’s energy needs.
Kane Thornton, Chief Executive of the Clean Energy Council in Australia, said about the program “The vision of an Australia powered by clean energy is now well and truly in sight.”
The original article has been updated with responses from Brinc.
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