A case for public funding that accelerates climate tech and pays off.

One of the biggest hurdles clean energy entrepreneurs face is bridging the “valley of death” between promising technology and a market-ready product. Since 2019, New Energy Nexus’s CalTestBed Initiative has tackled that challenge head-on (thanks to a US$22M investment made through the EPIC program by the California Energy Commission).

By offering startups vouchers for third-party testing at world-class facilities, CalTestBed helped 63 companies validate their technology, gain investor trust, and accelerate their path toward commercialization. The return?

A 19.9x multiplier:

• US$22M in testing support led to
• US$438M in follow-on funding
• 300+ jobs created

Why it works: Trusted testing builds investor confidence

Startups received up to US$300,000 each in testing vouchers, redeemable at over 70 labs across Lawrence Berkeley National Lab and nine UC campuses. This provided them with access to rigorous, independent validation – exactly what investors and customers need to mitigate the risks associated with early-stage technologies.

And the benefits went beyond funding.

58% of companies that completed testing reported TRL advancement; on average, their Technology Readiness Level (TRL) increased by 2.1

Several jumped from prototype to market-ready

“We went from TRL 6 to 9,” said a representative from Delphire Inc., a grid tech company. “That shift helped us unlock market access and investor interest.”

Innovation in action: real-world success stories

The companies that came through CalTestBed aren’t just testing, they’re scaling:

• Community Energy Labs is helping over 20 school districts reduce their energy bills with smart building controls.
• EH Group signed a deal to develop hydrogen fuel cell drivetrains for maritime shipping.
• Enzinc opened a 10,000 sq. ft. plant in Oakland to scale zinc batteries—a safer, more sustainable alternative to lithium-ion batteries.
• Gridware partnered with S&C Electric to launch a grid resilience solution.
• ReJoule, an award-winning startup, enables EV battery reuse, building the circular economy for clean transportation.

The Enzinc team at the facility’s ribbon-cutting ceremony.

Why Californians should care

The impact of CalTestBed goes beyond investor returns. For ratepayers, it means:

• More reliable energy from proven, efficient tech
• Lower bills from faster deployment of cost-saving innovations
• Safer systems through standardized testing
• A stronger economy from job creation and homegrown climate solutions

A smart bet on the future

CalTestBed, funded by the California Energy Commission’s EPIC program and administered by New Energy Nexus, is a model of how modest public investment of US$22M can unlock climate, economic, and equity wins. As the current funding cycle concludes in 2025, one thing is clear: this model works. It bridges the innovation gap, supports diverse entrepreneurs, and delivers value to investors and the public.

Read the CalTestBed impact report.

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