The fund has received a $10 million cornerstone investment from the Clean Energy Innovation Fund, which is jointly managed by the Australian Renewable Energy Agency and the government’s Clean Energy Finance Corporation (CEFC).
Minister for the Environment and Energy Josh Frydenberg said the fund will focus on innovative technologies and aims to maintain a portfolio of 30 to 50 start-ups.
“Technologies and businesses will be attracted to the early stage financial support of the seed fund and create a pipeline of potential deals for more substantial later stage capital investors,” he said.
“This is a model promoted under the Government’s National Innovation and Science Agenda. Seed fund partnerships will build the expertise of the Australian investment community when it comes to supporting clean energy technologies.”
Artesian added that the fund will also invest in “ventures sourced from the broader Australian start-up ecosystem”, including incubators and angel groups.
“The fund has been designed to appeal to corporate, institutional, high net worth individuals and impact investors looking to gain diversified exposure to Australian clean energy start-ups,” the company said.
CEFC chief executive Oliver Yates said the new fund will play a key role in Australia’s energy future.
“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,” he said.
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