Ten pioneering startups from across the lithium battery value chain presented their vision of Australia’s battery sector to an engaged audience of investors, policymakers, and industry participants at the inaugural Supercharge Australia Incubator Pitch Day.

After three months of tailored support from EnergyLab and New Energy Nexus, these founders now stand poised to accelerate the country’s battery manufacturing capabilities –  with solutions ranging from raw material innovation, marine applications, embedding safe energy storage into our living spaces, to cell reuse and repair.

Here are the participating startups and their lithium battery value chain focus:

• Adoxima, Carbophite, Voltavate: Carbon emissions-free, better, and cheaper lithium battery materials
• InnovoltIQ: Cell production
• Li-ion Energy and Sustainable Lithium Cells Australia: Reuse, repair, and recycling
• Naut: Marine electrification
• Net Zero Energy Solutions: V2G adoption acceleration
• Noizend: Enhancing battery energy storage system (BESS) community livability via intelligent noise-cancellation
• Powerblocks: Embedded energy storage

The completion of the first Incubator marks a key milestone in Supercharge Australia’s broader mission – to support over 150 startups in the lithium battery value chain and catalyse a thriving, interconnected lithium battery innovation sector – by adding a second program focused on supporting earlier-stage startups. The new program provided mentorship, expert advice, pilot opportunities, early customer connections, investor engagement, and international exposure, helping the teams to build the foundations of Australia’s battery future. We thank all of the experts for their generous contributions.

Launched in 2022, Supercharge Australia has now completed two Innovation Challenges. With the addition of the Incubator, it is now supporting 31 startups that have raised over AU$71 million in funding since they participated in its programs.

Building a circular battery value chain

Australia has a generational opportunity to move beyond exporting lithium ore and build a competitive, homegrown battery value chain. The startups in this year’s Incubator show how this is already taking shape: connecting technologies across the life cycle of a battery, from production to application to reuse. Their innovations don’t just solve isolated problems; they strengthen each link in the chain, multiplying impact along the chain to make the entire system cheaper, cleaner, and more efficient. This is how Australian batteries can compete.

Together, they demonstrate what a circular, high-value battery ecosystem could look like:

• Producing battery components with higher performance, many times lower costs, CO2 emissions, and up to 99% less production wastage – thanks to Adoxima, Carbophite, and Voltavate
• Manufacturing lithium battery cells at scale – with InnovoltIQ facility producing their first 500 MW per annum
• Deploying batteries in end-use applications – such as marine electrification (Naut) and vehicle-to-grid systems (Net Zero Engineering Solutions)
• Integrating batteries into communities – through quieter energy storage (Noizend) and attractive, modular battery systems for shared spaces (Powerblocks)
• Recovering value at end-of-life – with smart reuse and recycling solutions from Li-ion Energy and Sustainable Lithium Cells Australia

With coordinated support, these early-stage innovations can accelerate Australia’s transition from resource supplier to battery technology leader.

Backing Australia’s battery future

Australia remains the world’s leading lithium producer, supplying over one-third of global demand. With the global lithium battery market still forecast to be significantly undersupplied by 2030, Australian producers are seeking efficiency improvements and are investing in downstream opportunities to secure vertical capacity and greater profitability.

Each startup in the Incubator cohort is developing a critical piece of the emerging ecosystem and the kinds of investment opportunities the sector is seeking. Their solutions highlight the scale of opportunity when early-stage innovation is backed with intent, speed, and coordinated support.

While early traction for the cohort members was strong – from prototypes to paid pilots – the startups were all facing the same uphill challenge: securing capital, facilities, and support to go from validated concepts to scalable commercial impact. The Incubator addresses this gap by de-risking particularly early innovation, reducing barriers to commercialisation, and helping Australia retain its battery IP rather than lose it offshore.

Powering the clean energy transition

As global warming trends continue toward a 3°C pathway, and the risks of overshoot, consequent tipping points, and heavy reliance on unproven carbon capture and storage technologies rise, building a high-functioning cleantech sector that can dramatically accelerate decarbonisation becomes a strategic, global imperative.

Batteries power the clean energy transition, making it an important piece of this response – and battery startups have tremendous potential to pave the way, especially when supported early.

To further develop this economic opportunity, Australia can adopt proven models like our CalTestBed program in California, which turned US$22 million in early-stage testing access into over US$438 million in follow-on investment by offering non-dilutive, non-matching grants to startups solving big climate problems. If a similar system were applied here, it would rapidly increase the volume and readiness of battery startups ready to attract private capital or integrate into gigafactory supply chains.

“Building Australian lithium battery capability begins with supporting innovation at its earliest stages — with non-matched and non-dilutive funding to produce prototypes, pilots and real-world testing opportunities,” said Kirk McDonald, Project Manager at Supercharge Australia.

Australia has a generational opportunity to do the same: Supercharge Australia is calling for new initiatives to:

• Provide non-dilutive, non-matching seed funding for early-stage lithium battery value chain startups.
• Open access to testing, certification, and demonstration facilities.
• Support pilot customers and fleet procurement to validate new tech.
• Connect investors and government with the pipeline of founders building the sector.

To continue building the momentum for this sector, our next program is launching now. This will be our third Supercharge Australia Innovation Challenge – applications are open.

The inaugural Supercharge Australia Incubator cohort

Rooftop solar panel. Stock photo

A recent study by Ateneo de Manila University, published in Challenges in Sustainability, sheds light on the persistent barriers preventing the widespread adoption of rooftop solar power (RTSP) in Metro Manila and nearby provinces. Led by Professor Rosalina Palanca-Tan, the study surveyed 403 respondents to understand why households remain hesitant to invest in solar technology despite its clear economic and environmental benefits.

The study’s findings were recently featured in the Philippine Daily Inquirer, sparking a public discussion on its Facebook post, which highlighted several recurring concerns: high upfront costs, lengthy return on investment (ROI) periods, bureaucratic hurdles, technical challenges, and a lack of government support. Let’s look into the key challenges raised around rooftop solar adoption, and explore potential solutions.

A word cloud generated from people’s responses on the Facebook post.

Why aren’t more Filipinos switching to solar?

1. High cost of installation and ROI concerns

Many consumers cited the high initial cost of installing solar power systems as a major barrier. The upfront investment often matches several years’ worth of electricity bills, making it difficult for households to justify the expense. Additionally, long return-on-investment (ROI) periods discourage adoption, particularly in the absence of accessible financing options.

2. Lack of financing options

Access to financing remains a significant barrier to rooftop solar adoption. With limited options for low-interest loans or flexible payment schemes, households struggle to afford the initial investment, making solar installations less accessible to the broader public, especially to residential consumers.

3. Regulatory and bureaucratic hurdles

The slow and complex application process for net metering was another major concern. Many consumers reported waiting over six months and encountering excessive requirements that hindered their ability to connect their solar systems to the grid.

4. Service and maintenance issues

Some consumers highlighted issues related to improper system sizing, inefficiency, and high maintenance costs. Concerns included roof leaks due to poor installation, the lifespan of batteries, and the disposal of solar panels. These barriers make the transition to solar more challenging for prospective users.

5. Quality of solar technologies & local manufacturing

The absence of local solar manufacturers results in reliance on expensive imported components. Concerns about substandard or inefficient technologies make consumers hesitant to invest.

6. Lack of government support and incentives

Unlike countries such as Australia and Canada, which offer tax breaks, subsidies, and no-interest loans, the Philippine government provides minimal financial incentives for residential RTSP. This lack of support further discourages households from making the switch to solar energy.

7. Limited competition in the market

The industry is still dominated by a few major players, limiting consumer choices and competitive pricing. More players entering the market could drive innovation and lower costs through competition.

Who’s addressing these gaps?

At New Energy Nexus Philippines, we recognize that overcoming these barriers requires a multi-faceted approach—one that not only enhances technical expertise but also builds trust within communities. This is why it’s important to empower the solar industry, especially smaller players, with the right tools and knowledge to drive solutions forward. Our programs, particularly the Solar Innovation Program (SIP) and Solar Community Meetups, are designed to do just that.

Strengthening the Solar Industry

SIP provides targeted support for solar PV installers, engineering, procurement, and construction (EPC) companies, and solar equipment suppliers to improve their competitiveness in the market. Through learning sessions and workshops, participants gain essential knowledge in:

• Addressing common challenges in closing deals with clients;
• Effectively promoting and marketing their services;
• Exploring financing mechanisms with financial institutions to make solar more affordable for households; and;
• Expanding business opportunities beyond residential installations.

By empowering solar entrepreneurs, SIP tackles concerns related to business growth, financing gaps, and limited competition in the market. A stronger and more competitive solar industry ultimately leads to better installation quality, reduced costs, and more accessible financing options for households.

SIP 2024 graduates during the culminating activity in Cebu City.

Building Trust in the Industry

Beyond technical training, shifting public perception is crucial for accelerating RTSP adoption. Our Solar Community Meetups serve as a bridge between solar entrepreneurs, technical experts, policymakers, and consumers by fostering collaboration and knowledge-sharing. These gatherings provide a space for entrepreneurs to exchange insights and share best practices, address bureaucratic challenges with government stakeholders, streamline net metering processes, and advocate for stronger policy support. Additionally, they highlight success stories from early adopters, encouraging more households to consider solar power.

By fostering an ecosystem of collaboration and trust, Solar Community Meetups contribute to addressing skepticism and misinformation surrounding RTSP. The insights gathered from these discussions also help inform future policy recommendations, ensuring that the needs of solar entrepreneurs and consumers are effectively addressed.

DOE Assistant Secretary Mylene Capongcol presenting the Department of Energy’s renewable energy plans at the SCM in Davao.

A collective effort for solar growth

The concerns raised in the Facebook post reflect the frustrations and aspirations of many Filipinos when it comes to solar energy adoption. While challenges such as high costs, bureaucratic red tape, and technical difficulties persist, programs like the SIP and Solar Community Meetups provide platforms that empower solar entrepreneurs to drive industry-wide improvements.

Panel discussion during the SIP 2024 culmination featuring Hon. Nestor Archival (Cebu City Government), Engr. Titus Ragrario (Jinko Solar), Engr. Richard Alfafara (Visayan Electric Company – VECO), and Engr. Woodrow Pino (Woodrow Solar Power), sharing insights on accelerating rooftop solar adoption. Photo

Ultimately, expanding the adoption of RTSP in the Philippines requires a collective effort from businesses, the government, private companies, and Filipino communities. By equipping solar entrepreneurs with knowledge and resources, and by fostering trust through community engagement, we can create a more inclusive and resilient solar industry that benefits both consumers and the environment.

Want to get more involved in the Filipino clean energy space? Learn more about our programs in the Philippines here.

Japan has long been recognized as a global leader in precision engineering and advanced manufacturing. Yet in the race to decarbonize, its climate tech startup ecosystem is only beginning to accelerate. While government support is growing and university spinouts are gaining traction, Japanese climate innovators often face a key barrier: access to international markets, capital, and deep networks to support their growth.

At the same time, the U.S.—and California in particular—remains a global hub for climate innovation. With its dense investor networks, policy leadership, and cutting-edge R&D institutions, California offers fertile ground for scaling climate technologies that can help the world meet net-zero goals.

To unlock this potential, New Energy Nexus, Third Derivative, and Japan Energy Fund have partnered with JETRO to launch the Global Startup Acceleration Program (GSAP). This initiative is more than an exchange—it’s a bridge between two ecosystems with complementary strengths. By bringing Japan’s deep tech ingenuity into conversation with California’s fast-moving entrepreneurial culture, we aim to accelerate climate solutions that the whole world needs.

Below, meet 10 startups selected for the inaugural GSAP cohort. Each brings a unique approach to decarbonization—from fusion to algae, electronics to rare metal recycling. Together, they represent a new wave of Japanese climate innovation ready to go global.

Meet the Startups

The inaugural GSAP cohort of startups.

Planet Savers
Planet Savers is Japan’s first Direct Air Capture (DAC) startup, spun out of the University of Tokyo. They’re developing a scalable CO₂ adsorbent-based DACCU system, aiming to lower capture costs to around $100–400 per ton. The team recently secured a significant NEDO grant to pilot their high-efficiency DAC technology, supporting their goal to “halt climate change and leave a beautiful Earth for the next generation.”

miibio
miibio develops light-switchable protein technology that allows precise optical control of biological processes. Based in Tokyo and rooted in synthetic biology research from the University of Tokyo, the company is commercializing this technology for use in research reagents and biomanufacturing, offering greater control over protein behavior.

Aqua Theon
Aqua Theon creates seaweed-based biomaterials for use in food, packaging, and medical products. By working with marine biomass, the company is developing renewable, circular alternatives that reduce reliance on conventional plastics.

Helical Fusion
Helical Fusion is working on fusion energy systems with new reactor designs aimed at delivering safe, scalable, and low-carbon power. The company’s approach focuses on making fusion a practical part of the future energy mix.

Rhinoflux
Rhinoflux develops bioenergy systems that capture carbon while generating power. By extracting CO₂ from biomass, their technology enables simultaneous energy production and carbon removal—useful for industries seeking low-emission, resilient energy solutions.

Atierra
Atierra uses microalgae bioreactors to remove atmospheric CO₂. Their systems convert carbon into algal biomass, offering a biotech-driven, nature-based approach to climate mitigation at scale.

E‑Thermo / Gentek
E‑Thermo Gentek captures industrial waste heat and converts it into electricity using thermoelectric technology. Their systems help industries recover energy that would otherwise be lost, improving efficiency and reducing emissions.

Emulsion Flow Technologies
Emulsion Flow Technologies provides rare metal recycling for batteries and electronics. Their proprietary emulsion process enables the recovery of valuable materials in a more sustainable way, contributing to circularity in fast-growing supply chains like EVs.

Sun Metalon
Sun Metalon integrates CO₂ reduction into metal recycling processes, with the goal of lowering emissions in heavy industry. Their approach combines carbon capture and resource reuse to support more sustainable industrial practices.

Elephantech
Elephantech manufactures printed circuit boards (PCBs) using a metal inkjet printing process. Their additive method cuts down on material waste and lowers environmental impact, offering a more efficient path for electronics production.

About the Program: JETRO Global Startup Acceleration Program (GSAP)

Co-hosted by New Energy Nexus, Third Derivative, and Japan Energy Fund, JETRO’s GSAP program supports 10 Japanese climate tech startups through a multi-phase program:

June (Tokyo Kick-off): Orientation, mentorship, and peer learning to shape business models and go-to-market strategies.

July–September (Virtual Acceleration): Group sessions and one-on-one mentoring with investors and industry leaders to refine pitches and partnerships.

October (US Immersion Week): In-person programming in San Jose, including curated business meetings, investor matchmaking, and participation in the VERGE Climate Tech Conference.

Nov 2025–Early 2026 (Follow-up Support): Ongoing mentoring and strategic guidance to deepen market entry, secure partnerships, and scale growth.

By building long-term connections between Japanese founders and global innovation ecosystems, the program aims to catalyze real, scalable climate impact.

Stay tuned as we follow these founders on their journey—from Tokyo labs to California boardrooms—and help usher in the next generation of global climate solutions.

The clean energy transition is our chance to build a fairer future, yet women are still missing from the table. Around the world, only 15% of clean energy leadership roles are held by women.

Even in Thailand, a leader in the Asia Pacific region when it comes to women’s leadership in the energy sector, women occupy just 23% of leadership positions.

But when women are at the helm, the impact speaks for itself.

Salinee Hurley. Photo from SunSawang

Salinee Hurley is proof that inclusive leadership powers inclusive solutions. A mechanical engineer specializing in solar, she founded SunSawang: a social enterprise bringing solar home systems and lanterns to off-grid villages along the Thailand–Myanmar border. She is also the Project Director at the Border Green Energy Team (BGET), an organization advancing clean energy access in the region.

Salinee’s journey into solar began when she pursued further studies in solar engineering in the United States. Returning to Thailand, she initially implemented solar projects through an NGO model, using grant funding to provide free installations in remote areas. Over time, she realized the approach lacked long-term sustainability.

To address this, Salinee transitioned to a social enterprise model, offering long-term payment plans that support both ongoing maintenance and local ownership.

“Free installations may help in the short term, but the real goal is to empower people to access energy independently in the long run,” she said.

Solar installation at Maw Poe Kay High School. Photo from SunSawang

SunSawang now trains and hires local technicians and sales agents to serve their own communities. This localized model not only keeps systems functioning, but also supports economic activity—access to reliable electricity allows for evening work like weaving, increasing household income.

Salinee’s work also highlights the systemic barriers that persist in Thailand’s solar landscape: high upfront costs, inconsistent regional regulations, and limited financing options for low-income households. Recent steps, including draft laws to simplify rooftop solar permitting and new green loan products, are promising, but access remains uneven.

Last year, she joined New Energy Nexus Thailand’s SolarSTEP initiative, where she shared her expertise and connected with other women leading the shift to a cleaner energy future.

Solar installation at Maw Poe Kay High School. Photo from SunSawang

Supporting women leading the way

SolarSTEP is designed to build skills and leadership among solar technicians and entrepreneurs, with a focus on women, to help accelerate Thailand’s clean energy transition.

This work is spurred on by Thailand’s ambitious target to reach 12,139 MW of solar capacity by 2037, as outlined in its Alternative Energy Development Plan (AEDP). Hitting this target will take more than policy; it requires investing in people, empowering women, and expanding access to rooftop solar across the country.

This is where SolarSTEP comes in. The program has already delivered seven trainings across Thailand’s Central, Northern, and Southern regions, reaching over 200 participants. These efforts have been strengthened through collaboration with key partners, including PEA Encom Smart Solution, PEA Encom International, and LONGi.

Photo of the SolarSTEP 2024 Training program participants, including Salinee Hurley.

Looking ahead, we’re focused on scaling impact, broadening solar access, and building a sector that mirrors the diversity of the communities it serves.

If we want a just and resilient clean energy future, we need to break down the barriers that keep women on the sidelines and back those already leading the way. Empowering more women to participate and lead in clean energy isn’t just the right thing to do—it’s the smart thing to do.

Want to be part of building an inclusive clean energy sector in Thailand? Learn more about our work here.

Australia is charging ahead in the race to build a battery-powered world—and the timing couldn’t be better.

The nation’s growing role in the global battery supply chain took center stage at our recent webinar, Australia’s Time to Charge: Powering the Battery Future. The hour-long session, part of our Just Batteries initiative, explored how battery innovation, mass EV retrofitting, and smart policy could transform Australia into a clean energy powerhouse.

These industry experts led the discussion, held virtually on June 19, 2025:

• Kirk McDonald, Project Manager- Supercharge Australia, New Energy Nexus
• Andrew Chang, Chief Growth Officer, New Energy Nexus
• Kyle Van Berendonck, Founder, Veepower
• Derick Gyabeng, Program Lead – Supercharge Australia, EnergyLab

Why this conversation matters

The battery supply chain is the backbone of the energy transition, and Australia’s unique mix of critical minerals, renewable energy resources, supportive policies, and skilled workforce positions it to lead the way.

This is what we’re backing through Supercharge Australia, a collaboration between New Energy Nexus and EnergyLab. The program aims to support 150+ local startups, empowering them with mentorship, funding pathways, and global connections to expand Australia’s lithium battery value chain.

6 key insights from the webinar

1. Australia’s global opportunity is now

Australia is well-positioned to become a significant player in the battery-powered electrical transformation. Here’s why:

There are signals from state and federal governments that they want to move away from a fossil fuel-based export economy, such as:

• Signing an agreement with 40 other countries at COP28 to phase out offshore support for coal, oil, and gas projects;
• Passing the Future Made in Australia policy, which committed AU$22.7 billion over 10 years to build domestic capacity in green hydrogen, solar panel manufacturing, critical minerals processing, green metals, low‑carbon liquid fuels, and clean-energy manufacturing;
• Australia could be a leader in homegrown battery manufacturing, and critical minerals refining and processing; and,
• It’s building on a “globally competitive” battery export industry. Queensland alone is investing hundreds of millions into a sector that it believes will be worth US$1.3 billion by 2030, and can create up to 9,100 green jobs.

2. Mass EV retrofits could boost battery demand 20-fold

Retrofitting existing vehicles—especially commercial fleets—is a faster, cheaper, and lower-carbon way to scale EV adoption. Our second Supercharge Australia Innovation Challenge spotlighted 12 startups electrifying everything from mining trucks to boats.

The current projection of a 65GWh demand for stationary storage by 2030 could be massively higher with mass EV retrofits. Multiplying Australia’s vehicles by their estimated battery capacity, turning half of Australia’s vehicle fleet into EVs could multiply local battery demand 20-fold to over 1.3TWh, enough to justify domestic cell production and build a full onshore value chain (more here).

3. Startups like Veepower are leading the way

Kyle Van Berendonck, founder of Veepower and Retrofit Nation challenge winner, introduced Veepilot: a drop-in EV brain that lets large garages and re-manufacturers, through to individual garages, convert vehicles to electric with professional and supportable software — a key concern of retrofit solutions.

After a tour of California’s thriving clean energy ecosystem with New Energy Nexus, Veepower is now raising AU$500K from climate-focused investors to scale in Australia.

4. Smart policy can unlock big impact

The discussion emphasized the need for policies to support battery retrofits, including:

• Support the emerging startup practitioners with ambitious non-dilutive government grant funding
• Launch an AU$100–200M finance facility for training to upskill workers and kit production for vehicle upgrade
• Establish mass EV retrofit precincts, particularly in regional Australia
• Prioritize public fleet conversions to seed early demand

These interventions could support thousands of upskilled ICE workers (such as mechanics and automotive electricians) and create a more circular, cost-effective battery and transportation economy.

5. Startup support is critical

Through tailored workshops, mentorship, and investor-readiness training, the Supercharge Australia Incubator aims to help founders bridge key gaps in prototyping, lab access, and commercialization. As Kirk McDonald and EnergyLab project lead Derick Gyabeng said in the webinar, early-stage startups need consistent, generous support to grow from an idea to an investment-ready solution.

Moreover, Supercharge Australia is leading a push to bring learnings from California’s best practice startup testing program, CalTestBed, to Australia. As part of the CalSEED-CalTestBed pair offering US$1M in non-matching and non-dilutive support to founders, startups can receive vouchers up to US$300K in value to use at the University of California and National Labs testing facilities across the state.

CalTestBed has supported over 150 startups with $45M in vouchers, with over 40% being received by women and under-represented founders.

6. Australia’s Leadership Can Power the Region

The country’s battery innovation doesn’t stop at its borders. With Southeast Asia on the path to rapid electrification, Australia’s EV retrofitting industry can serve a region set to reach 770 million people by 2050.

Supporting Australia’s battery supply chain at this stage could play a huge role in the region’s clean energy transition.

Why ‘Just Batteries’

Batteries are the linchpin of the clean energy transition. But how we build this industry matters as much as how fast we scale it.

At New Energy Nexus, we believe battery innovation must be just, inclusive, and community-led. Today, the battery supply chain is dominated by a few countries and companies, with little accountability to communities, workers, or the environment. Battery recycling and reuse are underinvested solutions. And left unchecked, the race for minerals and manufacturing could replicate the injustices of the fossil fuel era.

This is what our Just Batteries initiative addresses. We have supported 116 startups across the battery value chain—from extraction to recycling—while shaping an innovation ecosystem rooted in equity, access, and sustainability.

Our work spans the full ecosystem, from startup accelerators and testbeds to international market access, because building a clean energy future means backing entrepreneurs at every stage.

Join us, invest in these startups, and let’s supercharge the transition in Australia and beyond. Check out how you can support this initiative and more here.

Photo by Cory Mus

The clean energy transition is stalling where it matters most. Emerging markets and developing economies (EMDEs) receive just 20% of global clean energy investment—and only 12% of mitigation finance flows reach EMDEs, excluding China [IEA, 2021; CPI, 2024].

Climate innovation isn’t scarce, but access to capital, coordination, and visibility still are. That’s the reality facing thousands of climate entrepreneurs across the Global South, and it’s the challenge that brought 50 investors, entrepreneurs, ecosystem enablers and policy leaders together at the 2025 Global Climate Finance Forum (GCFF) in Montego Bay, Jamaica.

Hosted in a region that exemplifies both climate vulnerability and entrepreneurial resilience, GCFF was unlike most climate convenings. It wasn’t a stage for panelists; it was a platform for co-creation. Founders from across Asia, Africa, Latin America, and the Caribbean shared how they’re repowering communities, whether through distributed solar, agroforestry, or second-life batteries. Investors listened. And crucially, they rolled up their sleeves to ask: what’s stopping us from backing more of this?

The financing system is still wired for the wrong contexts

Today’s climate finance architecture is not designed to serve the small and growing businesses building climate solutions in high-need, high-potential markets. Less than 15 cents of every climate finance dollar crosses a national border, as host Marilyn Waite mentioned, and just 12% of mitigation finance reaches emerging markets outside of China.

Worse still, clean energy entrepreneurs in the Global South face interest rates as high as 27%, currency swings of 300% or more, and investor mandates that demand “anchor” deals before deployment can even begin. These systemic distortions aren’t just barriers, they’re missed opportunities. And there are entrepreneurs brimming with ideas and already delivering results, from GridAfrica’s distributed energy systems in Zambia, to Swap Energy’s EV battery swapping stations in Bali, to SolarKita’s residential solar expansion across Indonesia.

Limited track records, gaps in financial literacy, and lack of exposure to global capital markets mean they often fall outside traditional investment criteria. And support systems—such as accelerators, impact measurement frameworks, and governance mentoring—are less accessible than for their Global North counterparts. Meanwhile, climate finance ecosystems and policy frameworks often skew toward larger, established firms, leaving SMEs underrepresented on global stages like COP and at investor convenings.

What GCFF made clear: the climate finance system needs rewiring—fast

Participants at GCFF agreed that unlocking finance for climate SMEs demands:

• Locally rooted solutions: The Global South is not a monolith. Funding tools must reflect regional realities and be led by on-the-ground intelligence.
• Targeted catalytic capital: Risk is also not a monolith. Can we break down the components of risk that hold back lenders and investors and apply mitigants to each one to catalyze the overall impact? For example, addressing macroeconomic risks separately from asset risk and project risk, bringing in an anchor in the form of forward revenue contracts, etc.
• Aligning local financial institutions’ capital with SME needs: supporting local financial institutions has the catalytic benefit of transforming local financial systems as well as avoiding the risks that come with foreign capital (eg currency risk). BRAC Bank’s forthcoming private bond issuance will enable them to lend at tenures that match SMEs’ cash flow needs.
• Standardized, flexible frameworks: creating standardized processes and terms and conditions that are also regionally adaptable, so that investors don’t have to reinvent the wheel for each deal.
• Leveraging existing scale and expertise: existing intermediaries like funds, incubators/accelerators, and locally-led thought leaders, have the experience and infrastructure to not only create pools of vetted SMEs to fulfill deal size minimums, but also provide much-needed education and knowledge-sharing for both SMEs and investors.
• Looking for and amplifying the upside: Despite the key role SMEs play in deploying climate solutions and boosting local economic development, there is very little attention given to Global South SMEs on global stages like COP, and even less on the untapped investment opportunities they represent. Something that all of us can do is to continue to amplify the stories of on-the-ground entrepreneurs we encounter and showcase their success stories.

These priorities echo the International Energy Agency’s findings: that unlocking clean energy in developing countries is twice as cost-effective as in advanced economies and requires seven times more investment than they currently receive.

This is where New Energy Nexus is focused

At New Energy Nexus, we have provided that scale and expertise to ease the connection between investors and SMEs. Over our 20-year history, we’ve supported nearly 10,000 entrepreneurs across 12 countries through our locally-led incubators, accelerators and convenings—mobilizing over US$4.7 billion in follow-on investment with just US$84 million in catalytic capital.

Through our Financial Innovation programs, we structure and incubate catalytic structures like the Indonesia Fund I and our EV Guarantee Facility in India, to bring tailored approaches to mobilize private capital into Global South climate ecosystems. Our Financial Innovation focuses on three things:

1. Deploy catalytic capital that de-risks early-stage investments and proves the market.
2. Design bespoke financial instruments like guarantees and blended finance structures that unlock larger flows.
3. Build ecosystems—connecting local banks, accelerators, and government partners to ensure financing tools stick.

What’s next: From conversation to capital

The message from Montego Bay was clear: climate entrepreneurs across the Global South are ready. What they need now is finance that meets them where they are—structured for risk, region, and reality.

As the world moves toward COP30, the priority must be shifting more capital—faster—into the hands of local innovators. That means:

• Expanding catalytic and blended finance to de-risk early-stage solutions
• Supporting local financial intermediaries who understand the context
• Making climate SMEs visible and investable, from term sheets to storytelling

New Energy Nexus is one of many ecosystem actors already building these pathways. But to meet the moment, we need aligned action from funders, governments, and investors willing to back innovation—not just in technology, but in finance itself.

Let’s ensure the next wave of climate finance reaches the people and places where it matters most. Reach out to partner with us!

Jennifer Wang, Director of Financial Innovation at New Energy Nexus

By Julius Mujuni, Country Director – New Energy Nexus Uganda

I recently had the privilege of engaging with Otto Scharmer, a global thought leader in systems change. His call to adopt a systems thinking approach was a timely reminder of the complex and interconnected nature of energy access in Africa—and a rallying call to those of us working to address it.

For decades, a persistent and troubling figure has hovered over the sector: over 600 million people across Africa still live without access to electricity. We’ve seen incredible innovation—yet the challenge remains immense and deeply systemic.

Decades of innovation are laying the foundation

At New Energy Nexus Uganda, we have worked hard to meet this challenge. Over the past decade, models like Pay-As-You-Go (PAYGO) have enabled households to access solar technologies for the first time, especially in off-grid rural communities.

In rural Masindi District of Western Uganda, where access to electricity is very limited, a woman holds a solar panel that lights her home.

We’ve seen the catalytic role of micro finance institutions, helping families overcome high upfront costs. And through our own Results-Based Financing (RBF) program, we’ve delivered targeted support to Community-Based Organizations (CBOs) and Village Savings and Loan Associations (VSLAs)—trusted local actors uniquely positioned to drive last-mile distribution.

This approach is working:

• In 2023 alone, 19,200 people were connected with clean energy products and 1,117 green jobs were created.
• We’ve supported 654 entrepreneurs, 33% of whom are women.
• We partnered with over 200 CBOs and VSLAs, expanding access to solar lighting, clean cookstoves, water filters, and briquettes​.

Why a systems lens matters

Otto’s insight reminded me that energy access isn’t an isolated issue—it’s intimately tied to income, resilience, and opportunity. Even when the grid reaches rural areas, low-income families often can’t afford electricity or use it productively.

So what if we centered productive use of energy—clean energy that directly powers livelihoods? What if access to Productive Use of Renewable Energy (PUE) technologies is the answer to low income earners getting sustainable access to other off-grid energy products? What if access to PUE technologies enables increased access to health services and other health related products?

The PURE program: Energy for income and impact

That’s what we’re testing through our PURE (Productive Use of Renewable Energy) initiative. This program is designed to empower rural entrepreneurs and farmers with income-generating, solar-powered assets like irrigation systems to increase agricultural output, milling machines to process produce locally, and other small-scale tools that can boost productivity.

We believe this approach can create a self-reinforcing cycle: energy drives income, income drives further adoption of other off-grid technologies up the energy ladder, and communities become more economically and environmentally resilient.

Asiazu Farmers’ Group in the West Nile region of Uganda receiving their solar-powered irrigation kit.

Community success stories: What’s already working

Take Utopia, a faith-based organization in western Uganda. With support from New Energy Nexus, they’ve:

• Brought clean energy products to over 9,800 people
• Launched an eco-tourism hub that distributes clean energy to surrounding communities​

Or look at KISE (Kitara Community Seed for Transformation) in Hoima, which has delivered clean tech to over 1,000 households and helped families redirect energy savings toward education and health​.

These are not just stories of technology distribution. They are case studies in systems change—where energy is an enabler, not the end goal.

This solar lamp is her only source of light at night, in her home in rural Uganda.

A call to donors and funders: Help us go further

We know that unlocking Uganda’s clean energy future requires more than hardware. It requires patient, flexible capital, support for local leadership, and the willingness to fund models that may look different—but deliver a deeper, longer-term impact that leads to the growth of rural economies to tackle poverty, job creation, and inequality.

As we continue to gather evidence from our PURE pilots and deepen our partnerships with community led groups like CBOs and farmer groups, we invite funders and partners to join us in this journey. A journey that will enable us to create a business case for farmer groups and other entrepreneurs in off-grid communities to thrive and prosper as a result of running sustainable enterprises that use energy productively.

Let’s build an energy system that not only connects wires—but connects people to opportunity. Let’s go beyond access—toward income, equity, and resilience.

Learn more about New Energy Nexus Uganda.

The clean energy transition isn’t just happening in labs or boardrooms—it’s also being built on university campuses across the Philippines. At the heart of this movement are Technology Business Incubators (TBIs), which help entrepreneurs turn bold ideas into real-world solutions.

That’s why New Energy Nexus Philippines, together with UMWAD Consortium, DOST Region 6, Iloilo Science and Technology University (ISAT U), and Innovate Iloilo, recently hosted an Energy Incubation Program Training for university TBIs in Region 6. This hands-on training brought together 11 universities and institutions* from across the Visayas to build the skills, partnerships, and strategies needed to launch the next generation of climate-tech and clean energy startups.

Here’s what we learned—and why it matters.

1. 🚀 Energy innovation needs a boost from campus to market
From solar-powered aquaculture to digital energy audits, university teams in the Visayas are brimming with ideas. But many clean energy startups still struggle with business models and go-to-market strategies. TBIs are stepping up to fill this gap—but they need more support to guide founders from research to revenue.

2. 🔍 Manual energy audits are holding back progress
Several universities highlighted how energy auditing is still done manually—a time-consuming and inefficient process. Digitizing these audits presents a major opportunity for startups and researchers to develop tech-based solutions that can scale across the region.

3. 📚 Clean energy is sparking curiosity in classrooms
Interest in energy innovation is growing among students and faculty alike. At schools like the Iloilo State University of Fisheries Science and Technology, clean energy topics—from IoT to smart grids—are becoming central to research and student projects. That’s a strong sign of a rising talent pipeline.

4. 🏛️ Stronger university integration = stronger incubation
To thrive, TBIs need to be embedded into the fabric of the university—not siloed from students, researchers, or decision-makers. Active outreach and curriculum alignment can help make energy entrepreneurship a core part of the academic journey.

5. 🤝 Co-incubation is the way forward
NEX Philippines is inviting TBIs to co-incubate energy startups with us—combining resources, networks, and expertise. It’s a powerful model for supporting startups that are tackling the region’s biggest energy challenges. (This reflects NEX’s global strategy of ecosystem collaboration.)

6. 💸 Funding and experts are make-or-break for TBIs
TBIs need more than just enthusiasm. Sustained operations require access to technical experts, funding sources, and proven business models. Without this, even the most promising ideas risk stalling out before they leave the lab.

7. 🎓 Energy entrepreneurship needs to be taught
TBIs are exploring how to integrate clean energy into research, extension programs, and classroom instruction. Building climate-tech capacity isn’t just about startup competitions—it’s about transforming the entire education system to prepare innovators for the real world.

Mervin Perez of Technological University of the Philippines – Visayas HIVE TBI, presenting their startup incubation plan.

What’s Next for Region 6?

This training is just the beginning. NEX Philippines is already planning:

• Follow-up workshops on energy trends, startup mentorship, and sustainable business modeling
• Demo days and showcases to spotlight regional clean energy innovations
• Curriculum development aligned with energy entrepreneurship
• Ecosystem-building efforts that connect universities with funders, government, and private sector partners

Behind every climate-tech startup is an ecosystem that helped make it happen. And as this training showed, Region 6 is full of institutions ready to lead.

NEX Philippines is proud to support this momentum—and we’re just getting started. Find out more about our work in the Philippines!

The workshop brought together 11 TBIs and institutions across the region:

West Visayas State University BINHI TBI | University of the Philippines – Visayas Seeds TBI | Iloilo Science and Technology University KWADRA TBI | Technological University of the Philippines – Visayas HIVE | Northern Iloilo State University QUINTO | Capiz State University CAPSULE Agri-Aqua TBI | Central Philippines University CPUGAD TBI | Guimaras State University ISLA TBI | University of Antique | Coastline 5023: DOST – UP Visayas Fisheries TBI | Iloilo State University of Fisheries Science and Technology DIKE