News
California
CalSEED awards US$4M in grants to early-stage clean energy innovations

Oakland, CA 13 September 2023 – The California Sustainable Energy Entrepreneur Development (CalSEED) program is thrilled to announce that 27 new Concept awards have been approved by the California Energy Commission (CEC).

For the Concept award, 27 companies out of 153 were selected to receive grants of US$150,000 to develop their breakthrough technologies. In total US$4 million of CEC EPIC funds will be invested in clean energy innovations throughout California.

“The CalSEED program has been successful in helping entrepreneurs working on promising climate solutions to get the support they need to scale up,” said David Hochschild, Chair of the California Energy Commission (CEC).

“Through the California Energy Commission’s EPIC research program, CalSEED is helping entrepreneurs turn great ideas into marketable solutions and providing benefits to California ratepayers.”

Concept awardees went through a rigorous process including a review with CalSEED’s curated review committee, who offered their time and expertise to score applications for technical merit, potential for social impact and energy equity, and team expertise. CalSEED’s solicitation is designed as a call for early-stage clean energy innovations that fall within the following technology areas: energy storage, DER integration and load flexibility, transportation electrification, building decarbonization, and industrial decarbonization.

“We’re thrilled to see so many clean energy entrepreneurs who are not only developing cutting-edge technology, but also thinking about circular and inclusive designs in the way they’re implemented” said Rebecca Lee, Managing Director New Energy Nexus California Programs. CalSEED is a program of New Energy Nexus in California.

Each year the CalSEED program selects new and emerging clean technology areas to fund to help California meet its climate goals. Within the upcoming cohort, 2 out of 27 companies are developing solutions to decarbonize the cement industry, which is currently responsible for 8.8% of industrial sector GHG emissions in California. The potential impact of transforming the way in which one of the most used materials in the world is created is one of the many ways the CalSEED program is working to bring the rapid transformation to a clean energy economy.

“This new cohort of CalSEED grant recipients stands at the forefront of new energy solutions and exemplifies California’s innovative ethos,” said Joy Larson, Program Director of CalSEED.

“With financial support, mentorship, connection to a large network, and the support of a community of fellow entrepreneurs, the CalSEED program offers a springboard for entrepreneurs to bring sustainable energy solutions and energy equity into the energy landscape.”

CalSEED is funded through the CEC’s EPIC program, which invests approximately $120 million annually for innovative clean energy technologies and approaches benefiting. the ratepayers of California’s three largest electric investor-owned utilities.

Details of the 27 companies awarded a total of US$4 million:

COHORT 6 CONCEPT AWARDEES:

  • ActivatedEnergy is designing and demonstrating a long duration energy storage system for urban environments, where system footprint cost is a driving factor, without the use of lithium or cobalt. This innovation is a system that will store energy in the form of compressed liquified carbon dioxide and will release energy by expanding the gas through a turboexpander, using commercially evaluated and certified components.
  • BioZen Batteries is developing a low-cost, carbon-based redox-active electrolyte (“redoxloyte”) fluid for redox flow batteries (RFBs). Redoxolytes are a green-plant-inspired organic chemistry leveraging modular, single-atom scale molecular modifications to tune solubility (capacity), redox potential (cell voltage), intermolecular interactions (lifetime), and manufacturing efficiency (cost). This technology has the potential to significantly reduce the cost of deploying long-duration RFB energy storage on the grid, thereby dramatically decreasing pollution burdens and increasing energy resilience in underserved communities.
  • Calion Technologies is developing a zero global warming potential and carbon-negative heat pump using our non-vapor compression Ionocaloric heat pumping technology that will provide a drop-in replacement for vapor compression technologies. Because the ionocaloric technology utilizes the solid/liquid transition instead of the liquid/vapor transition, the ionocaloric refrigerant doubles as thermal storage material and there is never any vapor produced during the heat pumping process, so there is no refrigerant that can harm the atmosphere.
    Carbon Blade Corporation is building an energy efficient hardware solution for carbon dioxide removal that can be placed directly at sequestration/usage locations with no additional cost for electricity or pipeline infrastructure. The proposed innovation is a stand-alone device that uses onboard wind and solar electricity generation to power a chemical process that captures CO2 from the atmosphere in a modular containerized solution.
  • C-Crete Technologies is developing a process that turns naturally occurring abundant “non-carbonate” rocks to cementitious binders with significant energy savings, affordability, flexibility, emissions reductions while maintaining similar comfort level and performance for end-users.
    Ceja Engineering Solutions developing a self-powered line mounted wildfire detection system that will employ embedded sensors to continuously monitor for wildfire conditions and provide a remote automatic circuit breaker protective trip if a wildfire is detected.
  • CONUSANT is developing and implementing a micro-controller in residential refrigerators to efficiently store thermal energy and permanently shift load on a daily basis. This invention will use off-peak energy to cool the refrigerator freezer compartment below the normal set point of 0 degrees Fahrenheit. By lowering the temperature 2-3 degrees below 0, we can turn off the compressor usage for up to 8 hours. This will help alleviate solar/wind over-generation and curtailment concerns during peak electricity production times and insufficient load,
  • EarthEn is developing a flexible energy storage solution that uses CO2 in a closed loop to store 4-100+ hours of energy at a low cost & highly scalable & safe manner. The proposed innovation is an Energy Pod that uses supercritical CO2 (sCO2) as a circulating fluid that is compressed to store excess energy from solar and wind. When excess energy is present, CO2 is compressed into sCO2 at high pressures.
  • EELi Technology is developing an economical, efficient, and scalable electrochemical-based direct lithium extraction platform technology using electricity rather than carbon-intensive reagent chemicals. Electrochemical extraction processes (EEPs), in which voltage/current is the driving force to capture ions, provide exceptional lithium selectivity, recovery rate, and rapid processing.
  • ENAMP is advancing a distributed energy resources management & EV charging hub that will be an all-in-one solution enabling all residential buildings, even those with limited utility power capacity, to go all-electric. Enamp will use real-time data to implement the instantaneous dynamic control of major electric loads, enabling homeowners to integrate interoperable DERs, electrify major appliances, manage loads during the grid-islanded mode, and charge electric vehicles without the need to upgrade the behind-the-meter distribution system (Utility Service, Electric panel, and subpanels).
  • EnergizedAI is increasing EV fast charger uptime through the development of a predictive maintenance algorithm, allowing service to occur before failure. EnergizedAI is developing a tool that will utilize an ensemble of methods including deep learning, forecasting, and statistical survival analysis to identify fast chargers at risk of becoming non-functional. This analysis takes into account multiple data points from each fast charger and local environmental information to derive a charger health score with continuously improving accuracy as feedback from each prediction is incorporated into the analysis and the model is exposed to more data.
  • ExPost Technology is developing a reuse and recycling process for end-of-life lithium-ion batteries to conserve critical materials, reduce environmental impacts, and lower material costs of new battery manufacturing. This closed-loop, direct recycling/upcycling technology uses a combination of physical and chemical processes based on pyrometallurgy and hydrometallurgy.
  • Furno Materials. is producing Portland cement using small cement plant technology that will leverage hydrogen fuel and waste recycled concrete fines to produce carbon-neutral cement at >90% efficiency. Furno’s hydrogen-fired cement plants with novel reactor design use hydrogen as a fuel, removing the fuel emissions from cement production.
  • Grid Science is determining the value of behind the meter DER such as battery storage. The value of DER is determined by local supply and demand conditions in that specific utility circuit, the load capacity, and the reliability of that individual feeder. Grid Science will use sensors to deliver real time distribution power flow telemetry.
  • Helios Climate Industries is developing a variable-speed heat pump controller to maximize comfort, minimize operating costs and provide demand response capabilities aligned with the electricity network. The controller will make machine-learned decisions by monitoring the indoor and outdoor climate conditions, Time-of-Use billing, forecasting weather, solar PV production and consumption, thermal and battery storage charge level, and electricity network demands.
  • Kinetix Energy Storage is engineering an integrated reluctance motor with a carbon fiber flywheel energy storage system to minimize lifetime project costs for short-duration energy storage applications. This innovation integrates high-efficient system components and maximizes energy storage capacity in a 20 ft shipping container to minimize shipping and installation costs while providing reliable, resilient power for 20 years without degradation.
  • Leeta Materials is developing a scalable, microwave-assisted manufacturing process for battery cathode materials. Microwave heating reduces the energy consumption of the manufacturing process and in-situ characterization will allow for direct probing of the material quality. This enables efficient production of high-quality materials while decreasing the environmental footprint of battery materials.
  • Mirai Solar is developing, implementing, and testing a self-learning control logic for enhancing the energy use efficiency of greenhouses through the automation of retractable photovoltaic shade screens. This smart algorithm will pull from relevant data points, both historical and real-time, to make decisions that optimize both the crop growth and electricity output of the greenhouse by choosing when to let the sun fall on the plants or photovoltaic shades.
  • Project K is developing a potassium-ion battery that is lithium-free, low-cost, energy-efficient, and long-lived for grid-scale energy storage. The innovation combines old and new battery features, like a Prussian blue analog (PBA) cathode with a graphite anode and an electrolyte composed of a small-molecule organic solvent; conductive salts; and stabilizing additive into a device with an architecture that is essentially identical to that of contemporary, mass-produced lithium-ion batteries.
  • Root 121, Inc. is demonstrating a sodium-ion cathode manufacturing technology that will enable an affordable and domestically resilient battery supply chain. The proposed innovation is a vertically integrated process to manufacture high-energy density sodium-ion cathodes and a materials optimization methodology that uses data collected during manufacturing, materials characterization, and battery testing.
  • Scalvy is designing and demonstrate a fully modular and granular drivetrain system for medium- and heavy-duty vehicles to accelerate the electrification of this sector. This project enables low-volume OEMs to electrify their fleets using simple integration and an easier-to-access supply chain while operating efficiently. The drivetrain system will be composed of tens to hundreds of modular self-controlled drivetrain building blocks operating to drive the traction motor, charge the battery packs, supply the electronic loads, and perform the battery management system functionalities.
  • Sea Dragon Energy is developing an energy management system for homeowners to monitor and control circuits using their existing circuit breaker panel. The innovation, mPower, will better utilize self-generated and stored energy while on or off grid and is easily installed into an existing panel, by snapping it into an empty slot, without requiring replacement of the panel.
  • Solar Ice is building a prototype of a solar thermal-powered absorption air conditioning & refrigeration system utilizing high efficiency solar collectors, modern absorption chillers, and state-of-the-art phase change material storage. Compared to conventional systems, this solar thermal cooling innovation will reduce greenhouse gas emissions and improve air quality by operating without the HCFC refrigerants, and eliminating the compressor drastically reduces energy consumption, translating to cost savings and system reliability while eliminating the constant noise and vibration.
  • Sunchem is developing and scale up a low-cost precision Nano Filtration device that can continuously capture critical metals used for the clean energy transition from any complex water mixtures. The Nano Filter (NF) technology is based on a library of compositions made up of highly porous sponge-like metal-organic framework (MOF) and polymer building blocks that can process complex water mixtures for precision separation and concentration of metals that are critical for the creation of renewable energy sources and storage such as solar photovoltaic cells, batteries and onshore/offshore wind.
  • ThermoShade is developing a passive cooling panel that can be installed above outdoor spaces, creating a shady space that feels up to 20°F cooler than the outside air. ThermoShade integrates ultra-reflective coatings, which reflect >90% of the Sun’s energy, and phase change materials, which release stored cool thermal energy during the daytime heat, and recharge at night when temperatures drop, into a modular, highly scalable design. ThermoShade will work 24/7 with zero electricity, zero water, and zero upkeep, helping to keep customers cool, while reducing their electricity and water bills.
  • Waste Salt Technologies LLC is demonstrating a process that repurposes the unseparated and minimally processed solid salt of the desalination process in an inexpensive, safe, modular, and scalable Thermal Energy Storage (TES) system that can be used to store thermal energy. Waste Salt Technologies’ approach includes physical and chemical steps to prepare the salt and involves a data-driven procedure for designing a heat exchanger that can thermally interact with the processed salt to provide and extract thermal energy.
  • Westwood Aerogel is incorporating aerogel technology into energy efficient window designs. Sol-gel Solutions produces ambiently dried aerogel technology that will be applied through an optically clear adhesive onto a pane of window and assembled into insulating glass units. It is transparent, has extremely low thermal conductivities, and unlike existing technologies, can be mass produced in a continuous line process.

About CalSEED

CalSEED is funded through the CEC’s EPIC program which invests approximately $120M annually for innovative clean energy technologies and approaches benefiting the ratepayers of California’s three largest electric investor-owned utilities. Through the CalSEED initiative US$25M will be deployed to back over 80 startups in coming years. CalSEED is administered by New Energy Nexus.

About the California Energy Commission

The California Energy Commission is leading the state to a 100 percent clean energy future. It has seven core responsibilities: developing renewable energy, transforming transportation, increasing energy efficiency, investing in energy innovation, advancing state energy policy, certifying thermal power plants, and preparing for energy emergencies. For more information, please go to energy.gov.ca .

Media contacts:

Tristan Tremschnig
Communications Director, New Energy Nexus
tristan.tremschnig@newenergynexus.com
(based in San Francisco, USA)

About New Energy Nexus

New Energy Nexus (NEX) is an international organization that strives towards a 100% clean energy economy for 100% of the population. It does this with a laser focus on diverse entrepreneurs, supporting them with accelerators, funds, skills, and networks they need to thrive. NEX has accelerated 1,400 startups, empowered over 9,500 entrepreneurs, and mobilized over US$3.7 billion in investment. Since its founding in California in 2004, NEX now operates programs or advisory services in Australia, China, India, Indonesia, Nigeria, Pakistan, the Philippines, Thailand, the UAE, Uganda, the USA (California and New York), and Vietnam.

Follow NEX on LinkedIn, X, Facebook, and YouTube

News
Indonesia
Indonesia missing out on economic opportunities without more government support for clean energy startups

Jakarta, 13 September 2023 – The government of Indonesia should play a more active role in growing the country’s nascent cleantech startup ecosystem, which is critical to accelerating the energy transition and unlocking the economic potential of clean energy, according to a report from New Energy Nexus Indonesia: Clean Energy Technology Startups in Indonesia: How the Government Can Help the Ecosystem.

Clean energy technology startups in Indonesia: How the government can help the ecosystemGovernment support is crucial given that the majority of cleantech startups in Indonesia are still in the early stage of development, and often struggle to obtain support and funding for their technology and business.

“The Indonesian government should learn from other countries, and create an environment for cleantech startups to thrive. This support could be in the form of fiscal, financial, and non-financial support accessible to actors in the cleantech startup ecosystem such as startups, venture capital, incubators, and others,” said Pamela Simamora, the lead author of the report at New Energy Nexus Indonesia.

“The support needed for clean energy startups is different from any other established digital startups for instance, the majority of these startups are hardware-based and require a more intensive R&D for their technology development.”

The report survey showed that 22 out of 35 cleantech startups have a runway of less than six months – whereas startups should ideally have a runway of at least 18 months. The survey results also show that the majority of cleantech startups in Indonesia are still bootstrapping and have not been able to secure external funding.

The report highlights several challenges faced by cleantech startups, ranging from difficulty in accessing funding, limited R&D funds for technology development, difficulty in finding a skilled workforce in the clean energy technology field, as well as the weak regulatory framework in the sector. In addition, the majority of venture capital firms mentioned in the report that the limited number of cleantech startups in their portfolios is not due to a lack of interest in this sector, but rather due to the high risks in the clean energy sector in Indonesia given inadequate policies and regulations. The same is mentioned by business incubators and similar organizations surveyed in this report.

Steps the government can take to support cleantech startup.

“Indonesia can learn from other countries that have already developed cleantech startup ecosystems. For example, the provincial government of British Columbia in Canada provides incentives in the form of tax credits for investors who invest in early-stage companies in the clean energy technology sector.”

“In addition, incubation programs, accelerations, and startup competitions organized by various ministries and government agencies need to be aligned to maximize their impact on the startup ecosystem and eliminate overlapping programs,” said Pamela Simamora, the lead author of the report at New Energy Nexus Indonesia.

“The government, for example, can differentiate each program based on the Technology Readiness Level (TRL) of startups participating in programs like Startup4industry, ETIC KESDM, PLN Elevation, and PPBR BRIN. This aligns with best practices in countries like the United States, Chile, and Morocco.”

Additional recommendations:

  • The government could catalyze private investment in cleantech startups by mobilizing state-owned venture capital for investment in the cleantech sector and providing a fund-of-funds scheme where the government becomes an investor in selected venture capital funds for early-stage cleantech startup investments. This mechanism is widely used in countries like China and Singapore, which have successfully developed their startup ecosystems, including cleantech startups.

“The government should focus more on early-stage startups rather than late-stage ones to prevent public funds from crowding out private capital from the market,” said Pamela.

  • The government needs to ensure that the policy and regulatory framework in the energy sector facilitates a conducive investment climate for the use and development of clean energy technology in Indonesia.
  • Strengthening cooperation between the public and private sectors to increase investment in startups, providing testbed facilities to support research and development of clean technology, mandating green procurement practices for the government, and enhancing STEM education and vocational training to prepare a skilled green workforce in Indonesia.

The growth of this sector has tremendous potential for job creation, economic development, and technological innovation. By supporting cleantech startups, the Indonesian government can achieve its climate goals, promote economic growth, ensure energy resilience, and enhance the country’s competitiveness in the global market

View the report here.

Media contacts:

Tristan Tremschnig
Communications Director, New Energy Nexus
tristan.tremschnig@newenergynexus.com
(based in San Francisco, USA)

About New Energy Nexus

New Energy Nexus (NEX) is an international organization that strives towards a 100% clean energy economy for 100% of the population. It does this with a laser focus on diverse entrepreneurs, supporting them with accelerators, funds, skills, and networks they need to thrive. NEX has accelerated 1,400 startups, empowered over 9,500 entrepreneurs, and mobilized over US$3.7 billion in investment. Since its founding in California in 2004, NEX now operates programs or advisory services in Australia, China, India, Indonesia, Nigeria, Pakistan, the Philippines, Thailand, the UAE, Uganda, the USA (California and New York), and Vietnam.

Follow NEX on LinkedIn, X, Facebook, and YouTube

News
Australia
A new AU$100B Renewables Industry Package is critical for Australia’s future security and prosperity 

Canberra, 11 September 2023 – Australia risks being left behind in the global renewables race unless the Australian Government urgently commits to a new $100 billion Australian Renewables Industry Package, according to a major new coalition of leading renewable energy, business, union, community and investor groups. 

The diverse group of organisations has today joined forces at the Australian Renewables Industry Summit in Canberra to call for ambitious new policies that will secure a once-in-a-generation economic opportunity for the nation.

This follows the government’s commitment made in the last Federal Budget to respond to the passage of historic renewable industry policies overseas, including the Inflation Reduction Act in the United States.

The call for a ten-year $100 billion Australian Renewables Industry Package is endorsed by groups including the Australian Conservation Foundation, Australian Council of Trade Unions, Climate Action Network Australia, Climate Energy Finance, First Nations Clean Energy Network, New Energy Nexus, Rewiring Australia and the Smart Energy Council.

With a global renewables industrial revolution underway, the group says Australia must act with speed and ambition now to fully realise the employment, export, economic, emissions reduction, environmental and social benefits for our nation, businesses and whole community before it is too late.

The U.S. Inflation Reduction Act has made this a global technology and investment race, at speed. That means funding more ambitious industrial support packages to build new clean industries, attract greater investment and create thousands of new secure jobs, as what is currently happening under the ~US$1 trillion Inflation Reduction Act in the U.S.

The group says a decade-long AU$100 billion new Australian Renewable Industry Package is essential to drive nation-building benefits for Australia.

“Australia is standing at a crucial juncture in our nation’s history,” said Smart Energy Council Chief Executive, John Grimes.“Our world-leading resources and renewable energy potential provide the opportunity for Australia to become a driving force in the global green economy while driving down emissions in line with the science to maintain a safe climate.

“But without significantly greater investment, we simply won’t be able to build the industries of the future, reduce emissions, create jobs or strengthen national prosperity and social equity.”

“We need a far more integrated and ‘big picture’ approach to encourage greater investment, commensurate with the scale of this massive renewables and critical minerals/metals embodied decarbonisation export opportunity for Australia,” said Climate Energy Finance Founder, Tim Buckley.

“A AU$100 billion package will help re-industrialise the nation, create hundreds of thousands of jobs, diversify our export base and revenue streams as well as increase local value-added production, secure supply chains and develop sovereign manufacturing capabilities. This is climate policy as economic policy as national security policy – in the 21st century, these are fundamentally linked.”

“Australia is well placed to seize opportunities in clean energy and manufacturing. We are in a climate crisis and as the largest exporter of coal and LNG in the world, Australia has a unique opportunity to take a leading role in decarbonising critical industries such as iron and steel. The Australian Renewable Industry Package is needed to reduce industrial emissions and retain a safe climate,” said Australian Conservation Foundation CEO, Kelly O’Shanassy.

“The U.S., Canada, European Union, India, Korea and Japan are already committing hundreds of billions of dollars towards clean industrial support packages – Australia needs to take big action now to fulfill our enormous clean energy potential and create hundreds of thousands of well-paid, safe and secure jobs. Both the urgency of the climate crisis and the enormity of the clean energy opportunity for workers, their families and communities call for a bold, ambitious, fair and timely response from government,” said Australian Council of Trade Unions President, Michele O’Neil.

Media contacts:

Jacqueline O’Neill (Ogilvy PR)
jacqueline.oneill@ogilvy.com.au
+61 449 107 774

Tristan Tremschnig
Communications Director, New Energy Nexus
tristan.tremschnig@newenergynexus.com
(based in San Francisco, USA)

About New Energy Nexus

New Energy Nexus (NEX) is an international organization that strives towards a 100% clean energy economy for 100% of the population. It does this with a laser focus on diverse entrepreneurs, supporting them with accelerators, funds, skills, and networks they need to thrive. NEX has accelerated 1,400 startups, empowered over 9,500 entrepreneurs, and mobilized over US$3.7 billion in investment. Since its founding in California in 2004, NEX now operates programs or advisory services in Australia, China, India, Indonesia, Nigeria, Pakistan, the Philippines, Thailand, the UAE, Uganda, the USA (California and New York), and Vietnam.

Follow NEX on LinkedIn, X, Facebook, and YouTube

Story
Indonesia
Women
Advice from women founders leading the way on climate innovation in Indonesia

We recently hosted around 200 women leaders, startups, youth, industry experts and community advocates at the ‘Bali Women Leaders Network’.  When you have that much talent in one room, we knew we had to ask them to share their advice!

The event, in partnership with ClimateWorks Foundation and facilitated by Pratisara Bumi Foundation, showcased the tremendous potential of women entrepreneurs in driving sustainability and climate action. Among the many women-led climate startups we invited we also celebrated 8 women-led start-startups that successfully completed our ‘Business Incubation and Acceleration Program’.

Here  are some key takeaways.

Have absolute clarity on your intentions and motivations before you begin your entrepreneurial journey

Lala Maelani, the CEO of Gumitri, highlighted the significance of understanding the motivations behind one’s actions.

“Find that common ground, discover the reasons why you do what you do. When you have a clear understanding of your motivations, even in the face of challenges, those reasons will reignite your passion and empower you to overcome obstacles. It is also vital to have a shared mission with your partners, ensuring that regardless of the path ahead, the commitment among colleagues remains unwavering due to the shared vision, mission, and values.”

Find mentors and enroll in programs that help improve your business acumen and industry knowledge

Yufi Gobel, the Founder and CEO of Chickbecik, emphasized the importance of having a mentor during the startup development process.

“Having a mentor is crucial when building a startup. When I connected with the New Energy Nexus Indonesia team, I learned to refine my ideas and challenge my assumptions while understanding the realities of the market. This led to a transformation in our business approach. My message to those interested in developing a startup or innovation is to seek out a mentor. With the guidance of mentors, we can conduct more focused and measurable product testing, and make better decisions regarding every risk and opportunity.”

Find a safe and empowering environment that truly supports female entrepreneurs

Marcella Steffany, Communications and Business Development Officer at Tri Hita Consulting, emphasized the importance of establishing an empowering environment for women to thrive in their careers.

“Creating an enabling environment plays a vital role in our success as women professionals. Having a supportive team, mentors who believe in us, and an environment that values our contributions based on our capabilities rather than our gender are key factors that contribute to our growth and achievements.”

bali women leaders network 05

Dini Septiani (AVPN), Atika Benedikta (ANGIN), Samantha Tedjosugondo (Sweef Capital), Helga Tjahjadi (Burgreens)

During the event, another insightful session on fundraising and gender-lens investing, moderated by Dini Septiani, ASEAN Regional Director of AVPN, featured an open and candid discussion between two gender-lens investors and a female founder. Helga Tjahjadi, the CEO & Co-Founder of Burgreens & Green Rebel, shared her journey of building a successful food and beverage business alongside her partner, Max Mandias.

“Throughout our fundraising journey, I encountered discrimination from certain venture capitalists who believed that my maternity leave would impact our business milestones. However, we were fortunate to connect with angel investors and venture capitalists who were supportive of my pregnancy and played a pivotal role in our business’s growth.

“As a result, we secured funding prior to my maternity leave and devised plans to ensure the company’s continuity during my absence. Today, women have more allies and support to pursue their goals, but there is still progress to be made within the system for investors to fully recognize and embrace the value that female founders bring.”

Atika Benedikta emphasized the significance of gender-lens investing and women’s empowerment:

“Supporting and fostering an enabling environment that empowers women as stakeholders, contributors, doers, and decision-makers is crucial. The contributions and perspectives of women hold equal importance. It’s not about power or competition but about empowering everyone equally.”

Establish a well-organized administrative system for operational efficiency

Tasya Karissa, the Founder and Executive Director of Biorock Indonesia, shared her experience in overcoming challenges caused by having two distinct entities, a foundation and a PT.

“One of the difficulties I encountered was managing the administrative tasks effectively due to Biorock Indonesia’s dual structure. As a leader, I realized the importance of overseeing multiple aspects, and establishing a well-organized administrative system became critical for our operational efficiency. Thanks to the guidance of mentors through the New Energy Nexus Indonesia’s Bali Women Climate Entrepreneur Project, I now have a standardized operating procedure for administration.”

Learn to recognize business risks and have strategic mitigation plans

Samantha Tedjosugondo highlighted the importance of acknowledging and addressing challenges in entrepreneurship:

“Recognizing risks and challenges is crucial, but what matters more is having an effective mitigation strategy. We admire startup management teams that openly acknowledge and actively tackle the obstacles they encounter. Risks coexist with promising opportunities, and it’s essential for both leaders and team members to be aware of this reality.”

Sukriyatun Niamah, the Founder and Marketing Director of Robries, discussed her company’s efforts in recycling plastic waste. Despite facing challenges as a young female leader in business, she refused to be underestimated. Niam emphasized the importance of collaborating with diverse partners, embracing different habits and mindsets. Her determination to realize her ambitious vision surpasses these obstacles. Currently, Robries has successfully partnered with over 100 individuals from diverse communities and waste collectors.

bali women leaders network 09

Thilma Komaling, Aniek Puspawardhani (Kelecung Village Eco Tourism), Ida Rahayu (Seeds to Table), Sukriyatun Niamah (Robries)

Aniek Puspawardani, the project lead for Desa Wisata Kelucung, expressed her concerns about the impact of land use changes on the livelihoods of the farming community in Kelucung Village. She highlighted the importance of creating sustainable employment opportunities, such as homestay businesses, culinary ventures, merchandise, and other tourism-supporting enterprises, to increase their income. However, this must be accompanied by training programs to develop professional skills across various professions in Desa Kelucung. Additionally, support from stakeholders is crucial to achieving self-sufficiency and empowerment for the village.

Ida Rahayu, the Creator of Seeds to Table, shared insights into her permaculture-based program that tackles waste and food production challenges. She emphasized the importance of paying attention to food labels and understanding the impact of our consumption on our health and well-being. Ida highlighted key steps we can take, such as growing our own food or supporting local farmers, minimizing packaging waste, opting for organic food, and practicing proper waste sorting. She also encouraged cooking our own meals to gain a better understanding of what we consume.

Women are paving the way to become leaders in their communities. Our programs in New Energy Nexus Indonesia aim to close the gender gap and increase women’s participation in  clean energy and climate solutions sectors, helping to improve women’s response and adaptation to climate change.

Learn more New Energy Nexus Indonesia

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Indonesia
How to craft a winning pitch deck for your climate startup
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Senior Investment Associate, New Energy Nexus Indonesia

”As a senior investment associate at New Energy Nexus Indonesia, I’ve reviewed hundreds of pitch decks from startups seeking funding.

It’s no easy task creating a well-narrated pitch deck that captures investors’ attention and effectively communicates your startup’s value proposition. But, here are five essential tips to help you create a killer pitch deck that will maximize your chances of securing funding for your climate startup.”

1. Start with a compelling problem statement

Begin your pitch deck by defining the problem related to climate change that your startup is addressing. Show the urgency and significance of the problem, highlighting not only the destructive impact to the environment but more importantly, the pain points experienced by the users/customers (“the impacted stakeholders”) and its relevance to the local context. You can use statistics, visuals, or real-world cases to make it more compelling. A great problem statement will grab investors’ attention and help them recognize the urgency, relevance, and necessity of your solution.

2. Articulate your unique value proposition

After presenting the problem, you now need to present your startup’s innovative solution. Clearly explain how your technology or product addresses the problem more effectively than existing solutions. Investors need to see the uniqueness and potential for disruption in your approach, why your solution is better than any other solution out there, and why customers would want to buy your product or service. Your solution should be clear and concise, focusing on the heart of the problem, not every last feature.

Explaining the product features with a short video demo or a diagram can be presented in another section of the deck (the product section), while the solution slide should only be telling us: “why instead of doing that, we do this.” Investors shouldn’t spend minutes digesting the content — it should be obvious and to the point. So keep the visuals lightweight in this slide.

3. Showcase your market opportunity

Investors want to know how big the market size is, and how you are going to capture that market. Provide a reasonable Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM) and translate that into $$ value.

You can also include data such as growth rate, key market trends, and highlight any regulatory or policy support that could further catalyze your startup’s growth. A clear market assessment will instill confidence in investors regarding the scalability and potential for profit and impact of your venture.

4. Present a solid business model

Illustrate your business model to demonstrate how your startup generates revenue and achieve profitability as well as impact. Clearly explain your revenue streams, pricing strategy, and financial viability. A well-defined business model will convince investors of your ability to generate sustainable returns on their investments.

5. Highlight your team members

Investors place emphasis on the execution capabilities of the founding team. Therefore it is crucial to fit in a dedicated page in your deck  to introduce key members of your team and highlight their relevant experience and expertise. Showcase any previous achievements, partnerships, or notable milestones that demonstrate your startup’s progress and momentum. Let them know how strategic and capable your team is!

Lastly, there is no such thing as a one deck-fits-all. You need to craft each pitch decks according to whom you are addressing and identifying each investor’s focus or appetite. But all pitch deck require compelling storytelling, market insights, and financial viability. Be sure to iterate and refine your pitch deck based on feedback and learnings from each interaction with investors and practice your presentation skills.

If you’re in Indonesia and  looking for the best-fitting investors to help with your startup journey, New Energy Nexus Indonesia is hosting an Investment Speed Dating event for clean energy and climate tech startups. The event is happening on 7 September 2023 and we are accepting applications from 5 June to 14 July  2023.

Are you ready? Submit your pitch deck now!

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Indonesia
Transportation tech
The startup on a mission to electrify Indonesia’s 125 million motorcycles

Battery life is a crucial pain point for EV users. SWAP Energi aims to solve this by building a network of battery swapping stations for e-motorcycle riders. New Energy Nexus introduced SWAP to potential investors, helped prepare funding documents, and offered business acceleration program support. The startup now has more than 800 swap charging stations in 14 provinces.

We spoke to the team at SWAP Energi about their mission to electrify Indonesia’s booming two-wheeler market.

“Lots of prospective users are curious. Our duty is to explain to them so they will be interested,” said Irwan Tjahaja, CEO at Swap Energi Indonesia. So far, SWAP Energi Indonesia has been educating people about electric vehicles and “Swap Stations” by collaborating with their users, and making them a brand ambassador.

Potential users have many questions: is this vehicle strong enough and can it match gasoline fueled vehicles in terms of cruising range? Also, how cheap are the spare parts and maintenance?

Irwan Tjahaja, CEO at Swap Energi Indonesia

Irwan Tjahaja, CEO at Swap Energi Indonesia

In 2021, the startup launched its electric motorcycle brand Smoot. A year later, Swap Energy and Smoot partnered with Grab and state-owned electric company PLN to develop an integrated EV ecosystem in Indonesia.

“Every Smoot motorcycle user is a brand ambassador,” said Keving Phang, CPO of Swap Energi Indonesia. Kevin believes when a user is satisfied with the product and finds it convenient, they will share their experience with their family and friends, and even form a community that can raise awareness of EVs with their immediate community.

Later on, SWAP Energi Indonesia began focusing on the development of the Swap Energi app, making it more sophisticated and user-friendly.

“A key feature of the app is the ability to find the nearest Swap Station, integrated with Google maps, and track your battery reservation , find parking, analyze the machine’s health, and receive a notification for service or change spare parts,” Kevin said.

These convenient features have been noticed by users.

SWAP Energi Indonesia

“SWAP Energi app is easy, everything is there. There is no more coming and finding out that the station has run out of battery,” said Ongko, one of the users of electric motorbike Tempur from Smoot Motor Indonesia.

As an office worker, he admits that electric motorbikes make his life easier.

“I don’t need a charging station at home. It is like you go to the gas station but with an electric motorbike and the app makes it more efficient as I don’t have to wait in line.”

Andi, an online taxi driver has the same experience. “I changed to an electric motorbike because it is environmentally friendly and cheaper. I don’t have to pay for routine services such as getting an oil change.

An online taxi driver such as  him covers a lot of ground: “It could be tens of kilometers each day.”.

However, this isn’t a problem because there are more than 350 points in Jabodetabek (an area of Jakarta, the capital city of Indonesia. He no longer worries about running out of battery while carrying passengers. SWAP Energi Indonesia also provides a special price for battery exchange for online taxi drivers, which is IDR 17,000 (US$1.14)/100 km. This price is twice as cheap as petrol fuel.

Since 2019, New Energy Nexus Indonesia in collaboration with IKEA Foundation acts as a bridge between different sectors and stakeholders, running incubation, acceleration, and funding programs to urgently develop the clean energy startup ecosystem. Find out more.

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News
Indonesia
Transportation tech
The startup on a mission to electrify Indonesia’s 125 million motorcycles

Battery life is a crucial pain point for EV users. SWAP Energi aims to solve this by building a network of battery swapping stations for e-motorcycle riders. New Energy Nexus introduced SWAP to potential investors, helped prepare funding documents, and offered business acceleration program support.. The startup now has more than 800 swap charging stations in 14 provinces.

We spoke to the team at SWAP Energi about their mission to electrify Indonesia’s booming two-wheeler market.

“Lots of prospective users are curious. Our duty is to explain to them so they will be interested,” said Irwan Tjahaja, CEO at Swap Energi Indonesia So far, SWAP Energi Indonesia has been educating people about electric vehicles and “Swap Stations” by collaborating with their users, and making them a brand ambassador.

Potential users have many questions: ; is this vehicle strong enough and can it match gasoline-fueled vehicles in terms of cruising range? Also, how cheap are the spare parts and maintenance?

In 2021, the startup launched its electric motorcycle brand Smoot. A year later, Swap Energy and Smoot partnered with Grab and state-owned electric company PLN to develop an integrated EV ecosystem in Indonesia.

“Every Smoot motorcycle user is a brand ambassador,” said Keving Phang, CPO of Swap Energi Indonesia.. Kevin believes when a user is satisfied with the product and finds it convenient, they will share their experience with their family and friends, and even form a community that can raise awareness of EVs with their immediate community.

Later on,  SWAP Energi Indonesia began focusing on the development of the Swap Energi app, making it more sophisticated and user-friendly.

“A key feature of the app is the ability to find the nearest Swap Station, integrated with Google maps, and track your battery reservation , find parking, analyze the machine’s health, and receive a notification for service or change spare parts,” Kevin said.

These convenient features have been noticed by users.

“SWAP Energi app is easy, everything is there. There is no more coming and finding out that the station has run out of battery,” said Ongko, one of the users of electric motorbike Tempur from Smoot Motor Indonesia.

As an office worker, he admits that electric motorbikes make his life easier.

“I don’t need a charging station at home. It is like you go to the gas station but with an electric motorbike and the app makes it more efficient as I don’t have to wait in line.”

Media contacts:

Tristan Tremschnig
Communications Director, New Energy Nexus (based in San Francisco, USA)
tristan.tremschnig@newenergynexus.com 

About New Energy Nexus

New Energy Nexus (NEX) is an international organization that strives towards a 100% clean energy economy for 100% of the population. It does this with a laser focus on diverse entrepreneurs, supporting them with accelerators, funds, skills, and networks they need to thrive. NEX has accelerated 1,400 startups, empowered over 9,500 entrepreneurs, and mobilized over US$3.7 billion in investment. Since its founding in California in 2004, NEX now operates programs or advisory services in Australia, China, India, Indonesia, Nigeria, Pakistan, the Philippines, Thailand, the UAE, Uganda, the USA (California and New York), and Vietnam.

Follow NEX on LinkedIn, X, Facebook, and YouTube

Story
California
How we’re seeding new ideas to grow California’s clean energy economy

Poised to be the world’s fourth biggest economy, California is on the hook to act on climate, and by most standards it is a leader. Part of the reason for this is a booming climate and clean energy ecosystem –  in fact, it’s where New Energy Nexus, formerly known as the California Clean Energy Fund was founded.

Our portfolio of public and privately funded programs in California – some of the largest in the state – drive inclusive clean energy innovation. The CalSEED program stewards US$66 million in funding by the California Energy Commission for early-stage startups, CalTestBed provides entrepreneurs with access to more than 70 world-class testing facilities to test and de-risk their tech, and in collaboration with local partners in Inland Southern California we’re helping to seed a fully integrated advanced battery and electric vehicle (EV) manufacturing supply chain.

Rebecca Lee, Managing Director – California, New Energy Nexus

And overseeing all of this is our new Managing Director in California, Rebecca Lee. In this Q&A, she expresses her deep commitment to ensuring the clean energy economy works for the 100%.

How do you stay motivated to work in the climate space when the world is literally on fire?

More than a decade ago, I left academia as a tenured professor in Latin American Studies to join a cleantech startup. At the time, I never imagined that those two worlds would intersect so deeply. Much of my research and teaching examined the ways in which the unrelenting drive of the free market toward profitability over sustainability, the divestment in social infrastructure and the outsourcing of manufacturing and labor would ultimately exacerbate existing inequities.

Today, we are experiencing the consequences of this failed economic strategy. Yet, we also find ourselves in a watershed moment. With California’s US$48 billion Climate Commitment in 2022 plus the Federal IRA, we have a once in a lifetime opportunity to onshore critical supply chains and build the infrastructure needed to transform our economy to carbon neutrality, while creating high quality jobs and justice for the 100%. I know I am not alone when I say that we cannot afford to get it wrong this time.

Founders Thomas Karagianes (left) and Iain McClatchie (right) at TOLO supported by our CalSEED program.

“Tolo applauds the Inflation Reduction Act as a much-needed first step in the fight against climate change and a long-overdue investment in modernizing our aging energy infrastructure…“Thomas Karagianes, Founder, TOLO

What do you see as a major challenge to a clean energy transition in California?

Over the next decade, we need to double the size of our grid, radically change the way we move goods and people, rethink how we power our homes and build the critical infrastructure to decarbonize our economy. The greatest barrier is the lack of social infrastructure and collaborative frameworks to deploy capital and technology in a way that is equitable and inclusive. The task before us requires nothing short of a reimagination of entire energy systems and the social structures that underlie them.

We are grateful to the Torres Martinez Desert Cahuilla Indians, for example, for inviting us to be in partnership with them as we work alongside one another to rethink how California and tribal nations can partner for an equitable clean energy future rooted in a circular regenerative economy and pose questions such as, “What would it look like to have the original landowners at the helm of a place-based industrial strategy in Inland Southern California?”

What makes New Energy Nexus a unique partner in California’s clean energy transition?

Our strength lies in our ability to bridge the gap between macro-policy and implementation on the ground. In our CalSEED and CalTestBed programs, we support clean energy entrepreneurs who are driving toward our state’s goal of 100% carbon free electricity by 2045. We work in partnership with organizations that are rooted locally like the San Diego and Imperial Counties Labor Council and alongside Jobs to Move America and the UC Berkeley Labor Center who bring deep subject matter expertise but more importantly, the trusted relationships that allow us to be in service to the diverse stakeholders who are working to deliver on a just and equitable clean energy future.

And lastly, we strive to bring the grassroots up to the treetops by centering the lived experience of workers to shape the research that informs policy. More than a promise, we need a roadmap when we talk about public investment that inextricably links the decarbonization of our economy to high quality job creation and inclusive economic development.

Coreshell Technologies, a startup supported by our CalSEED and CalTestBed programs received a Series A funding of US$ 12M earlier this year.

How is New Energy Nexus cultivating a more inclusive innovation ecosystem?

As the clean energy and clean transportation sectors develop locally and nationally, having a strong workforce will require that opportunities for training, leadership and jobs are accessible to those communities impacted first and worst by climate change. New Energy Nexus has been piloting a program to develop ramps and career pathways for entrepreneurs and innovators in low resourced communities. As part of this effort, New Energy Nexus and the Center for Social Innovation at UC Riverside are hosting a Youth Innovation Summit and E-bike Challenge with local workforce and educational partners in Imperial County this fall. Our goal is to flip the script and show how young people in Imperial Valley are precisely the kinds of innovators and entrepreneurs who will help lead a new “green” economy in California.

What one clean energy tech are you most excited about?

Lithium battery recycling and start ups like Renewable Metals who are using non toxic processes to redeploy critical minerals like lithium, nickel, cobalt, copper, manganese and graphite back into the supply chain. We need to be innovating in a way that does more than just solve the problem right in front of us and instead, foster a circular regenerative economy where the entire life cycle of batteries is at the forefront of technology.

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California
18 of California’s most innovative clean energy startups just got US$4.7 million to test their tech

If you’re a clean energy startup with new technology, one of your biggest challenges is convincing partners and investors that your tech is scalable and commercially viable.

Enter CalTestBed.

Our CalTestBed program provides California-based entrepreneurs with access to more than 70 world-class testing facilities at nine University of California campuses and Lawrence Berkeley National Lab with the aim to de-risk and accelerate the commercialization of their innovations.

Introducing 18 awardees in our latest cohort

Thanks to the funding provided from the California Energy Commission, we have awarded US$4.7 million in vouchers this year to empower 18 cutting-edge clean energy companies in our third cohort to test their tech.
A huge congratulations to all the entrepreneurs who have earned this incredible opportunity.

 

 

automat solutions

1. Automat Solutions

Automat Solutions was founded with a mission to accelerate material innovation and disrupt the lithium battery market. Automat employs automated artificial intelligence (A.I.) and high-throughput robotic experimentation workflows to efficiently identify ideal electrolyte chemistries that enable high performance and high energy density lithium batteries.

Why we’re excited to support them?

They envision creating a more energy efficient world and healthier environment by creating novel chemistries that enable higher performance battery solutions.

 

 

dakota energy labs

2. Dakota Energy Systems

Dakota Energy Systems developed and deployed a patented technology that harvests energy from closed loop fluid flow systems called a Hydroelectric Power System or HEPS. Dakota Energy Systems aims to develop its Hydro Electric Power System (HEPS) for energy harvesting within the municipal and private water, water and wastewater treatment, oil and gas, commercial, industrial or manufacturing industries.

Why we’re excited to support them?

Their innovation has the potential to promote distributed hydro throughout California and contribute to water management objectives.

 

 

delphire

3. Delphire

Delphire is dedicated to preventing and containing wildfires by providing actionable real-time information from remote and dangerous locations. Delphire’s innovative technology, the “Sentinel: Wildfire AI” (Or “Sentinel”) prevents the damage caused from these electric grid-related fires by providing customers with a real-time, Artificial Intelligence (AI)-based detection system that reports fires in their earliest stages and provides a visual image for confirmation from anywhere.

Why we’re excited to support them?

The product addresses a pressing need in the market by offering a fresh approach to fire mitigation.

hago energetics

4. Hago Energetics

Hago Energetics produces low carbon hydrogen using waste materials, such as animal waste. They do this via a proprietary process which breaks down waste methane into carbon and hydrogen. The hydrogen is used as fuel for transportation and the carbon goes into the soil.

Why we’re excited to support them?

The market for green hydrogen is expanding in various directions, with a growing demand for sustainable solutions.

 

hydroplane

5. Hydroplane

Hydroplane is developing a modular 200-kW (270 hp) hydrogen fuel cell power plant for general aviation and regional transportation. The company’s novel electric propulsion power plant, funded by the U.S. Air Force’s prestigious Agility Prime Program and led by space program veterans, will replace combustion-piston driven engines in aircraft.

Why we’re excited to support them?

The company provides an innovative solution to drive multiple industries towards fuel cell technology.

 

onyx power

6. ONYX POWER

ONYX POWER (“ONYX”) is a minority-owned small business that designs and manufactures zero-emissions, rugged and portable power equipment – a replacement for gas and diesel generators.

Why we’re excited to support them?

Their innovation presents a promising solution to address the “micro-grid” gap as an alternative to whole-home generators.

 

pace ai

7. PACE AI

PACE AI has developed a multi-feature product suite and AI/ML solution, spanning control of commercial and industrial HVAC/R for energy efficiency and demand reduction, diagnostics and monitoring.

Why we’re excited to support them?

PACE AI can reduce energy consumption (kWh and therms), and thus the cost of that consumption. In electric cooling and electric heating, PACE AI can also reduce at-the-meter demand (kW) substantially as a permanent demand reduction (PDR) measure, providing additional savings from reduced demand charges.

parc

8. PARC

PARC is developing a sensor commissioning and optimization system that commissions many sensors per zone (e.g., dozens) at high speed and low cost. It uses augmented reality and wireless networking to capture building geometry, floor plans, sensor positions, and sensor network addresses in a single session.

Why we’re excited to support them?

Their innovation has the significant potential of deploying sensors, data analytics, AI, and localized HVAC actuators in reducing energy consumption, enhancing occupant comfort, and increasing worker productivity.

prahbu energy labs

9. Prabhu Energy Labs

Prabhu Energy Labs‘ “Oxiperator” is an all-metal, porous heat exchanger that oxidizes weak methane without generating NOx. The Oxiperator consumes methane emissions as weak as 0.3% volume (mixed in air) and can power a gas turbine at concentrations as low as 1.5%.

Why we’re excited to support them?

Considering the emerging stage of methane abatement markets, their innovation is regarded as worthy of the CalTestBed testing voucher. If successfully operated at scale, it has the potential to make a significant impact on emissions reductions.

pulsenics

10. Pulsenics

Pulsenics‘ mission is to provide the tools to drive the electrochemical industry towards a more sustainable and efficient reality. The Pulse Probe is hardware that performs in-situ characterization of electrochemical stacks without requiring stack shut-down or disruption.

Why we’re excited to support them?

They demonstrate a deep understanding of the niche market and the benefits that the innovation can bring to both industry and ratepayers are evident.

safi organics

11. Safi Organics

Safi Sarvi is a locally produced carbon-negative fertilizer that has been shown to improve yields by up to 30% for smallholder farmers. By eliminating the need for long-distance fertilizer transportation, the company not only significantly reduces costs but also provides farmers with a higher-quality product. Furthermore, farmers who utilize this product can generate an additional 20-30% income through increased harvests.

Why we’re excited to support them?

The company is successfully converting biomass to biochar through biomass pyrolysis, a technically challenging process that they have demonstrated consistency in with 7,000 customers in Africa. They’ve achieved impressive results in terms of yield, climate impact, and economic outcomes in the African context, making it worthwhile to explore implementation in California.

sea dragon energy

12. Sea Dragon Energy

Sea Dragon Energy is a cleantech developer specializing in innovative solutions for harnessing the potential of distributed energy sources. Their flagship product, Lynx mPower, is designed to revolutionize the utilization of self-generated and stored energy, providing significant benefits to consumers and society as a whole.

Why we’re excited to support them?

Their innovation shows promise as a cost-effective retrofit solution for California ratepayers.

solarflexes

13. SolarFlexes

SolarFlexes is developing smart, prefabricated solar arrays that are built on an automated manufacturing line and delivered to a project site 90% complete.

Why we’re excited to support them?

Their innovation is a well-thought-out response to a clearly defined problem. Their innovation benefits ratepayers by reducing electricity costs.

true balancing

14. True Balancing

True Balancing offers a cost-effective and straightforward modification to battery management electronics, providing multiple benefits. Their innovation allows battery capacity to be increased by an impressive range of 5% to 15%, and True Balancing contributes to cost savings by reducing the purchase expenses of batteries by 5% to 10%.

Why we’re excited to support them?

True Balancing’s innovative approach aims to improve the efficiency of energy storage batteries by effectively balancing the state of charge and discharge, surpassing existing Battery Storage System (BSS) capabilities. The potential overall improvements in efficiency and extended lifespan of energy storage systems could lead to substantial cost saving.

wild technologies

15. Wild Technologies

Wild Technologies is a battery pack supplier formed by the twin brothers Riley and Justin Rodenburg. Their electrical engineering background and prior experience at Bollinger Motors and Rivian Automotive, respectively, have provided them with the unique insights and experience to design a battery pack that is 20% cheaper with 40% fewer parts than the industry leaders.

Why we’re excited to support them?

Their innovation addresses emerging and underserved aspects of the e-mobility sector, showcasing the company’s strong understanding of these markets.

wonderwindow

16. WonderWindow

WonderWindows are multi-pane acrylic windows that are designed to be easily assembled from pre-cut parts by makers with scissors, high bond tape and a paint-on edge coating.

Why we’re excited to support them?

Their innovation has the potential to bring about significant improvements and cost reductions for builders, while also offering substantial energy savings for consumers. The concept of frame to frame windows holds the promise of enhancing insulation in buildings, resulting in reduced energy consumption and increased comfort levels.

xendee

17. XENDEE

Xendee is a leading company specializing in Microgrid and Electric Vehicle (EV) charging infrastructure solutions. Their comprehensive platform offers end-to-end design, planning, and control capabilities for the efficient deployment of Distributed Energy Resources (DERs).

Why we’re excited to support them?

The significant advantages of their technology includes real-time optimization and adaptability to changing operational conditions.

xponent power

18. Xponent Power

Xponent Power is a disruptive renewable energy company with a mission to enable widespread solar adoption in markets that cannot be served by traditional solar solutions. The core of Xponent Power’s innovation is a versatile and patented retractable solar technology platform that is poised to enable a wide range of applications including recreational vehicles, military, emergency relief, and residential power.

Why we’re excited to support them?

Their innovation shows great promise in an underutilized solar market, with the potential to support the power grid through localized microgrids.

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New York
5 hard-learned lessons in project finance from climate tech founders

We all know that climate tech startups, especially hard tech, cross multiple valleys of death and therefore need not only more capital, but different types of financing to scale. In the diversification of your startup’s capital stack, project finance can be an invaluable tool.

At its most basic, project finance is the financing of a project based on its projected cash flows, rather than the balance sheet of its sponsors. Project finance has been used for validated technologies such as wind and solar, but we’re beginning to see new types of proven technologies leverage project finance as they scale.

Who better to tell us about these developments than the startups who have learned to leverage this tool through trial and error? Our program in New York, The Clean Fight, hosted a webinar with the founders of Sealed, Kelvin (formerly Radiator Labs), and Perl Street to hear their stories, critical advice, and lessons learned from leveraging project finance to deploy solutions and scale their businesses. Here are five major takeaways:

1. Determine if and when project finance is suitable for your company

When thinking about pursuing project finance, it’s important to consider your solution’s product market fit and the degree of risk your technology bears.

Andy Frank, President and Founder of Sealed, shared that a startup should think about the tiers of assumptions being made in product market fit and in being successful. If you’re trying to demonstrate that a new technology is viable, project finance is probably not the right vehicle because that’s the wrong kind of risk. Equity investments and government grants are more suitable for financing pure technology risks. However, once you get to the stage of deployment risks and performance risk, project finance may start to make sense.

To sum up Andy’s advice: “Use as little equity capital as you need to deploy projects. Use project finance and debt to fund actual projects in your field, and use any corporate equity capital you raise to fund R&D, growth, and overhead of the business.”

2. Figure out where project finance is best put to work

Once you establish that you’re ready for project financing, set about determining the best use case for these funds. Assess a prominent need or hurdle to overcome in your project’s execution and think creatively about the path to take when deploying these funds.

Kelvin used their project finance loan from NYCEEC to cover the upfront cost of installations for a sizeable project with NYSERDA:

“We had this portion of the project that was going to be paid by NYSERDA at the end of the project, which wasn’t a fixed term so we needed the cash upfront,” says Dr. Marshall Cox, CEO and Co-Founder of Kelvin. “We talked to NYCEEC and they were able to give us a large pay-out that would ultimately get reimbursed by NYSERDA. We had a small interest fee per month until then. That let us pay for everything; we bought all the systems and installed them. We were able to charge the customer far less because it was subsidized, which was essential because we were so early-stage.”

Dr. Cox also warned that: “You really have to make sure you’re ready for it before you do it. If we tried to sell this project 6 months ago and it only worked on a razor thin low-interest rate margin, we would have to abandon it now. So you have to work hard to make sure it’s flexible for different interest rates.”

3. Explore how project finance can shape your business model and offerings

In addition to working out how to deploy project finance, it is worthwhile taking a step back to determine how project finance could shape your business model, and how it might help to strategically mitigate risk.

For example, Sealed leverages project finance to offer zero upfront costs to customers: “The story of Sealed’s growth is the story of our project finance strategy”, says Andy Frank. “We coordinate with local contractors to get a specific project installed, we provide the capital for that installation, and get paid back over time from the overall energy reduction of the project. This addresses the upfront cost issue and builds trust with the customer.”

Tooraj Arvajeh, CEO and Co-Founder of Perl Street, also noted that structuring your startup as a high-credit standalone entity can make it easier to get financing for your projects. This means creating a separate company to own your assets, which reduces the risk for lenders. By doing this, the borrower that owns the assets is seen as a separate and independent entity, making it more likely for lenders to provide financing.

4. Manage your costs well

Effective cost management is also fundamental to de-risking project finance. This can include lowering fixed-costs.

“The project finance process is lengthy and expensive”, says Tooraj Arvajeh. “Startups need to be careful here because if they build up too much capacity in-house themselves, then they are racking up a lot of fixed costs. What that does is move away the break-even point for these projects, which makes the financing harder.”

There are a number of underlying costs that will surface during the execution of any given project. Lofty legal fees are an example of a significant cost that must be appropriately budgeted when attempting to get debt facilities in place for a new deal.

Andy Frank shares that, “Going down the project finance path is not something you should take lightly. There are a lot of costs, both hard and soft, in getting it done. You should do your diligence with your lenders to understand what those costs are going to be. And very importantly, align with your equity investors or other sources of capital.”

5. Diversify your capital stack

Exploring non-dilutive funding options, such as project finance, is a great way to diversify your capital stack, and there are plenty of other resources that can open the door to alternative sources of funding.

Dr. Cox recommends government programs such as those offered by the DOE and NSF. There’s also GSA Green Proving Grounds for solution deployment in federal buildings, and larger grants like Phase 1 and Phase 2 SBIRs that can fund hardware companies for years. Kelvin received a total of $1M non-dilutive funding over 4 years from the SBIR.

Great resources are also coming out of the Inflation Reduction Act (IRA), which in part provides increased incentives for technologies such as heat pumps and other energy storage solutions, with a focus on low-to-middle income communities. Yet, it’s important for startups to deeply evaluate the most sustainable approach to capitalizing on IRA incentives for the longevity of their businesses.

Andy Frank warns, “While the IRA will be an accelerant, do not build your business around any specific incentive program because you will probably go out of business once that incentive money runs out. Even though the IRA is by far the biggest federal injection of cash into the climate tech market that we’ve ever seen, it’s probably going to run out faster than you think.”

Frank adds: “Specifically around project finance, there are some interesting things to come out of the IRA: The Loan Programs Office has even more fuel on their fire. Most early stage companies won’t qualify for that because you need to ask for enough money to make it worth everyone’s while. But what also got passed is a $27B greenhouse gas reduction fund, which some people call a federal green bank. In practice, it’s going to be funding regional and state green banks, so there will be more green bank money. This is both a big opportunity for the early stage market but also a reason for us to be engaged in defining what the goals of those banks will be.”

Project finance can be a valuable tool for climate tech startups looking to scale their businesses. However, it is important to carefully consider if it’s suitable for your company and at what stage in your product’s development it makes sense to pursue it. It’s also crucial to figure out the best use case for these funds and how that could impact your business model and offerings. Effective cost management and risk mitigation strategies are also essential when utilizing project finance. By learning from the experiences and insights of climate tech founders who have successfully navigated project finance, you too can leverage this financing tool to deploy solutions and scale your business.

Sign up for more insights and program updates from The Clean Fight here

If your interest is piqued, you can watch the full webinar with the founders of Sealed, Perl Street and Kelvin, moderated by The Clean Fight’s director of partnerships, Taylor Rowe.

Written by Semira Rose, Partnerships Officer at The Clean Fight.

 

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