September 2 (SeeNews) - Artesian Venture Partners and the Australian government's Clean Energy Finance Corporation (CEFC) today launched a AUD-20-million (USD 14.9m/EUR 13.6m) clean energy seed fund.
The vehicle, the first of its kind in Australia's clean energy sector, includes a AUD-10-million cornerstone investment from the new AUD-1-billion Clean Energy Innovation Fund. It is targeting additional private sector equity investment of up to AUD 10 million.
The seed fund will seek to invest in 30 to 50 start-ups over its four to five-year investment period. Artesian managing partner Jeremy Colless said it would look across sectors including the internet of things, energy storage, biofuels, alternative energy generation (solar, wave, geothermal, wind), metering and control, green building and biomaterials, transport technologies, water and waste.
This is the first project to be financed by the Clean Energy Innovation Fund, which became operational on July 1 and is managed jointly by CEFC and the Australian Renewable Energy Agency (ARENA). The fund has AUD 1 billion to invest over 10 years.
(AUD 1.0 = USD 0.747/EUR 0.679)