As NITI Aayog is getting ready to launch a national policy framework for energy transition next month, Transition VC, an energy transition-focused venture capital fund, has launched the country’s first startup accelerator dedicated to energy transition.
The accelerator programme will focus on startups working in decarbonisation, electrification of transportation, long-duration energy storage, power electronics, Net Zero, and new energies.
The VC firm has tied-up with startup ecosystem enabler T-Hub and IEEE (Institute of Electrical and Electronics Engineers) to roll out the maiden cohort which will incubate startups that are working on various energy transition solutions.
“We deploy a portion of our ₹400-crore fund to the accelerator. We will support 7-8 startups in the initial phase, offering funding, R&D resources, prototyping assistance, mentorship, networking opportunities, and execution support,” Mohammed Shoeb Ali, Co-founder & Managing Partner of Transition VC, told businessline.
The startup ecosystem in the country was facing a shortage of energy transition and deep-tech hardware startups. This challenge was critical as energy transition was not just a climate imperative but also a matter of energy security for the country.
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Ali felt that the country should focused on using its niche strengths such as engineering to develop clean energy technology solutions to address the pain points in the energy transition space.
“As the country balances its energy needs for its developmental agenda and carbon footprint issues, startups can play a significant role in reducing our dependency on fossile fuels and reduce the burden of procuring the crude oil,” he said.
This launch aligns with the Indian government’s focus on energy transition, with NITI Aayog announcing a national policy framework to support the country’s Net Zero ambitions.
T-Hub will serve as the Innovation Execution Partner, providing R&D and prototyping support, while IEEE will act as the Knowledge Partner, offering academic resources, technical expertise, skill training, and access to its vast university network.
Ali said building hardware products in deep-tech required significant investment in R&D and prototyping, which became a major road block for many young entrepreneurs.
The partnership with IEEE and T-Hub would provide them with a supportive ecosystem to build their products. T-Hub Chief Executive Officer Mahankali Srinivas Rao felt that the accelerator was a call to action for innovators in the energy transition sector.
Net-zero warriors
Ali said two Centres of Excellences, including one at T-Hub, would be set up to provide a platform for startups, entrepreneurs, and students to collaborate, innovate, and scale technologies that contribute to energy transition and climate sustainability.
- Also read: Niti Aayog CEO says Indian economy can double by 2030, climate change an opportunity for India
