Australian government launches $15m cleantech fund
The renewable energy division of Australia’s Department of Industry, Innovation & Science has launched a A$20 million ($15.3 million) seed fund that will focus on domestic clean energy start-ups.
The Clean Energy Seed Fund (CESF) has received a cornerstone commitment of A$10 million from the A$1 billion Clean Energy Innovation Fund launched by the government earlier this year. It will be managed by Artesian Venture Partners and seek private sector contributions to achieve the balance of its targeted corpus.
CESF will invest at seed, angel and later-stage follow-on rounds in 30-50 companies over an investment period of 4-5 years. Investments will also be made in ventures sourced from the broader Australian start-up ecosystem, including other incubators, university programs and angel groups.
Targeted sectors will include the internet-of-things, energy storage, biofuels and alternative energy generation such as solar, wave, geothermal and wind. Technologies related to metering, green building and biomaterials, transportation, water and waste will also be considered.
"The Clean Energy Seed Fund is set to play an important role in building a vibrant and sustainable early stage clean energy venture pipeline in Australia," Oliver Yates, CEO of CESF, said in a statement. "The seed fund builds on our ability to accelerate investment across the clean energy sector, channeling finance where it can support the transformation of innovative ideas into business realities."
Artesian was spun out of ANZ Banking Group's capital markets business in 2004, with backing from ANZ Private Equity. It now maintains offices across Australia, Singapore, China, the US and the UK.
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