Free Electrons energy accelerator selects finalists
Global future energy competition, backed by DEWA, selects fifteen finalists
Fifteen energy startups have been selected to participate in the second Free Electrons accelerator program.
The accelerator is intended to develop innovative energy solutions to meet future energy needs, and is supported by nine leading energy companies and utilities, including Dubai Electricity and Water Authority (DEWA). The program is run by Beta-i from Portugal, which specialises in supporting entrepreneurship.
Fifteen companies were selected from thirty who attended a week-long boot camp in Lisbon, to select the best ideas. The fifteen will now compete in three more stages of of the competition, which has a prize of $200,000.
The next three phases of the programme will take place in Sydney and Melbourne, Silicon Valley and Berlin across 2018. The different phases allow the startups to become more familiar with utilities and their corporate requirements; define scope and investment potential of their ideas; and complete financial negotiations and address scalability.
"The programme is a unique opportunity for energy start-ups to develop their businesses and enter new markets around the world. The start-ups that have been selected for the 2nd programme will develop solutions in areas such as renewable and clean energy, artificial intelligence, and the Internet of Things," said HE Saeed Mohammed Al Tayer, MD and CEO of DEWA.
The first Free Electrons programme saw a large turnout from start-ups around the world. The programme received 450 applications from 51 countries. The programme selected 12 start-ups and signed contracts with them to develop innovative and pioneering solutions in future energy areas including energy management, clean and renewable energy systems, energy efficiency, infrastructure development for electric vehicle charging, sustainability and the reducing carbon footprint.