Australian government creates AUD20m fund for clean-energy innovation
The government of Australia has created a AUS $20m seed fund dedicated to the development of clean energy technologies. Named the Clean Energy Seed Fund, the fund will be overseen by Artesian Venture Partners with the view to invest in 30-50 innovative start-up businesses over the next half decade. The fund includes AUS $10m from the state-owned Clean Energy Innovation Fund, established in early 2016 for the same purpose. The seed fund model, the government believes, will strengthen relations between the investment community and technology companies to incite further venture capital investment.

Australian government seeds clean energy investment 13 September 2016 13 September 2016

Sian Crampsie

Australia's government has announced the creation of a A$20 million ($15 million) seed fund that will back the development of innovative clean energy technologies.

The Clean Energy Seed Fund (CESF) will be managed by Artesian Venture Partners and will invest in 30-50 start-up businesses over the next five years, Australian minister for the Environment and Energy Josh Frydenberg said.

It will include A$10 million of finance from the state-owned Clean Energy Innovation Fund (CEIF), which was established earlier this year to drive innovation in clean energy technology.

The Australian government believes that the seed fund model will help to build partnerships between the Australian investment community and tech firms, helping to overcome a recent general decline in venture capital investment. “Technologies and businesses will be attracted to the early stage financial support of the seed fund and create a pipeline of potential deals for more substantial later stage capital investors,” the Ministry of Environment and Energy said in a statement.

The clean energy initiatives launched by the Australian government are part of efforts in the country to reach its renewable energy target of 33 000 GWh of renewable energy generation by 2020.

An estimated 6000 MW of new renewable energy capacity will be required to achieve the renewable energy target.