Gaining momentum: EnergyLab’s climate tech alumni raised $289 million in 2023

The alumni of Australian climate tech startup accelerator EnergyLab collectively secured $289 million in funding in 2023, as investor interest in climate technology continues to grow, despite broader challenges faced by the local startup ecosystem.

According to the accelerator’s inaugural report, Decarb Debrief, Australia-based startups accounted for $124 million of the total funding raised, showcasing the domestic strength and potential within the climate tech landscape.

The report, released on Thursday, also included some of EnergyLab’s 2023 wins, detailing the success of some of the climate-focused startups that have participated in its programs.

Infravision, a participant in EnergyLab’s 2021 Climate Solutions Accelerator and the 2020 Scaleup Program, raised $36 million in September 2023 to advance its drone-enabled line stringing services, which are crucial for transmission, distribution, and emergency response.

Sicona Battery Technologies, an alumni of the 2023 Supercharge Australia Innovation Challenge, secured $22 million in June 2023. The company is at the forefront of developing scalable next-generation battery materials technology.

Renewable Metals, which took part in both the 2023 Supercharge Australia Innovation Challenge and Climate Solutions Accelerator, closed an $8 million funding round in October last year. The company focuses on battery recycling and the recovery of critical minerals for reuse.

The EnergyLab report also highlights the importance of early-stage capital for climate tech startups, which often face unique challenges such as complex research and development processes, longer sales cycles, and the need for extensive testing.

Reflecting on the broader impact and expansion of its initiatives, EnergyLab reported significant growth in its offerings in 2023. The accelerator introduced four new programs, expanding its total to seven, with participation from 67 startups — a considerable increase from 21 in the previous year.

This expansion includes targeted efforts to support diverse founders, such as the Women in Climate and Energy Fellowship (WICEF), which focuses on addressing the funding gap faced by women founders in the climate tech space.

“Over the last year, we faced a range of local and global challenges in the global decarbonisation race, including hitting temperature records, community engagement issues and a reduction in the investment capital available for innovation efforts. Despite these headwinds 2023 proved to be a successful year for EnergyLab and many of the startups that we support,” EnergyLab CEO Megan Fisher said.

“In 2023, EnergyLab more than doubled our programs supporting climate tech founders and startups that are focused on helping to decarbonise the planet.”

To date, EnergyLab has 310 startup and founder alumni, 380 mentors, and 180 angel investors as part of its ecosystem.

“In 2024, we’re aiming to support even more high-potential founders and startups on their journey to launch and scale global climate tech companies,” Fisher added.

“Our ongoing mission is to foster an innovation ecosystem centred on the climate tech revolution and one that prioritises startup and business success, building economic opportunities and environmental stewardship.”