Indian energy technology companies in low-carbon transport, renewables, energy storage, and hydrogen – received an early-stage venture capital investment of more than $1.5 billion in 2020, which is quite less than the $2 billion it received a year ago.
February 16, 2021. By News Bureau
Indian energy technology companies in low-carbon transport, renewables, energy storage, and hydrogen – received an early-stage venture capital investment of more than $1.5 billion in 2020, which is quite less than the $2 billion it received a year ago. However, the investment in the second-half of 2020 witnessed a good turnaround, even amid market uncertainty.
Traditional sectors witnessed drastic setbacks, thereby attracting a large chunk of investors towards tech stocks, and assuring them that energy transition is bound to happen with an equal push from the government as well.
Soon after the pandemic hit in the early months of 2020, and an estimated 30% drop to $3.1 billion globally in venture-capital investment to support clean energy technology, the future looked bleak, but, some early-signs indicate that the much-required funding to complement clean energy technologies could be back on track.
Innovation by young companies has been a significant contributor to growth in recent years and these companies are playing a greater role in job development. This year will be critical for getting back on track and ensuring that there is no lack of renewable energy-momentum and experience in the value chain of innovation.
Recent government initiatives to boost the growth of electric vehicles, battery manufacturing infrastructure through its PLI scheme, and phased manufacturing program. While introducing India’s first diesel tractor converted to bio-CNG, Nitin Gadkari mentioned the government’s intention to open at-least 5,000 bio-CNG manufacturing units across the country.
In yet another move to support and incentivize entrepreneurship, Social Alpha on February 15, 2021, announces the commencement of the third edition of the “Techtonic – Innovations in Clean Energy” challenge. Selected startups may also receive techno-commercial pilot support by Tata Power’s Pilot Accelerator of up to 25L per startup; scale-up support of up to 1 crore, and seed funding of up to Rs 1 crore per startup from Social Alpha.
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