Green start-ups targeted by new $200 million innovation fund

Green start-ups are becoming increasingly spoilt for choice with regard to funding programs, following the launch of the $200 million Clean Technology Innovation Program.

Launched by Industry and Innovation Minister Greg Combet, the Clean Technology Innovation Program is a competitive, merit-based grants program.

It aims to support applied research and development, proof of concept and early stage commercialisation activities that lead to the development of new clean technologies and associated services – including low-emission and energy-efficient solutions – that reduce greenhouse gas emissions.

The program will provide grants between $50,000 and $5 million on a co-investment basis of one dollar of government funding for each one dollar of the applicant’s investment.

“This is an important part of the Gillard government’s plan for a clean energy future and will help create new business opportunities,” Combet said in a statement.

The program is designed to support projects that generate energy from wind, solar, wave, tidal, hydro or geothermal power.

Innovations in biofuels, co-generation and low emission uses of coal will also be considered.

The program will also help companies develop and commercialise technologies to improve energy efficiency in water treatment and waste management.

“It is about getting new products and services into the marketplace so households and businesses can reduce greenhouse gas emissions,” Combet said.

AusIndustry will host information sessions around Australia to help businesses apply for these grants.

The program joins a long list of clean technology programs, announced as part of the government’s Clean Energy Future plan, including the $1.2 billion Clean Technology Program.

This provides incentives for business to reduce emissions and invest in clean energy through the following three components:

1. Clean Technology Investment Program

The Clean Technology Investment Program is an $800 million competitive, merit-based grants program to help manufacturers maintain competitiveness.

2. Clean Technology Food and Foundries Investment Program

The Clean Technology Food and Foundries Investment Program is a $200 million competitive, merit-based grants program to help food and foundry manufacturers maintain competitiveness.

3. Clean Technology Innovation Program

The Clean Technology Innovation program will support the research, development and commercialisation of clean technology products, processes and services.

It will fund the development of a range of clean technologies including low emission and other energy efficient technologies.

This article first appeared on StartupSmart.