Artesian closes $19.5m Australian cleantech fund

Additional backers include the Clean Energy Finance Corporation and Australian Ethical Investment, as well as superannuation funds Hostplus and Future Super. The vehicle, known as the Clean Energy Seed Fund (CESF), was launched in September last year with a target of A$20 million.

CESF is intended to draw on the skills the Australian Renewable Energy Agency. It is an initiative of the renewable energy division of Australia's Department of Industry, Innovation & Science and will be managed by Artesian.

The fund will make seed-stage and follow-up investments via dedicated clean energy accelerators including Sydney's EnergyLab. Deal flow will also be sourced from the broader star-up ecosystem, including incubators, university programs and angel groups. It aims to invest 30-50 start-ups over a four-year period.

Targeted companies will focus on the solar, wave, geothermal and wind sectors. Related technology companies will also be considered, including start-ups in the fields of internet-of-things, energy storage, metering, green building, biomaterials, transport, water and waste.

"The investments in the [CESF] from high profile institutional investors are a validation of the fund's objectives and a huge vote of confidence that Australian clean energy entrepreneurs and start-ups can be at the forefront of the revolution in clean energy innovation," Jeremy Colless, managing partner at Artesian, said in a statement. "The [CESF] will play a critical role in helping establish a national clean energy start-up ecosystem, encouraging and supporting entrepreneurs, backing accelerator programs, attracting co-investors, and engaging with international, especially Asian, partners and markets."

Artesian functions as an investment manager for a number of early-stage vehicles, including the Sydney Angels Sidecar Fund, BlueChilli Venture Fund, Slingshot Venture Fund, iAccelerate Seed Fund, the ilab Venture Fund and the Australian Venture Capital Fund of Funds. It also manages a fund launched by SproutX agricultural technology accelerator, which raised A$10 million earlier this year from investors including Hostplus.

In February, Hostplus invested A$85 million in Artesian, bringing the firm's funds under management to more than A$150 million.

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• Topics
• Australasia
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• Australia
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• energy