Local energy start-ups are getting a chance to access global capital - but it may be easier said than done.
Prime Minister Jacinda Ardern launches Ara Ake, the national new energy development centre, in 2019. Photo: RNZ / Robin Martin
The national energy centre Ara Ake has inked a deal with Elemental Excelerator, a US based non-profit that invests in fledgling technology companies that tackle climate change and social issues.
Ara Ake, formerly known as the National New Energy Development Centre, was established by the government in 2019 with $27 million behind it to transition the oil and gas industry towards renewables and help create high-paying jobs.
Its chief executive Cristiano Marantes said the new deal was significant achievement for energy centre.
"This is an incredible opportunity for the New Zealand energy sector to have access to some of the world's best start-ups, and to connect with global industry and investment players in the broader energy ecosystem."
The partnership would open the door to start-ups to access global expertise and resources, as well as the opportunity to apply to join Elemental's global investment programme - Elemental Cohort 10.
"Elemental is looking for passionate, diverse teams from around the world who are committed to solving climate change. New Zealand energy start-ups have the opportunity to benefit from this, and I urge them to register their interest."
However, accessing the funding opportunities is highly competitive. About 500 start-ups from around the world apply each year but only between 10 to 20 are chosen.
Marantes was confident there were start-ups in New Zealand with the talent to be selected.
The energy centre has also been working on creating and sharing independent information to help businesses better understand and develop new energy technologies such as offshore wind power, wave and tidal energy generation, carbon capture and energy storage.
Marantes said it would take time for ideas to be brought to market.
"It depends on the level of maturity, it depends on the market of their products, what we want is to accelerate the demonstration, the commercialisation of their solutions in a way for them to move faster than they would either be able to if Ara Ake wasn't in place."