GLOBAL ENERGY STARTUP ACCELERATOR ATTRACTS 515 APPLICATIONS FROM 65 COUNTRIES
Mar 8, 2018
USA, Brazil, and India biggest contributors
TOKYO, March 8th, 2018-Free Electrons, the first global energy startup accelerator program that connects the world's most promising energy startup companies with leading utility companies, closed its call for applications. This second edition of the program received 515 applications from 65 countries.
Tepco is a co-founder of the Free Electrons accelerator program, which now includes 9 electric utilities around the world who are leading innovation in the energy sector with a commitment to building the future of clean, smart and widely accessible energy through collaboration with startups. Together they represent a significant aggregated customer base and develop activities all over the planet.
Hirokazu Yamaguchi, the Executive General Manager of Global Innovation & Investments at Tokyo Electric Power Company Holdings, said "We couldn't be happier with the applications process. The bar was set very high since the first edition, when 451 startups applied, and we are very pleased with the success of this phase. Over 70% of the startups that applied are not looking for investment, which is an indication of the candidates' overall maturity. That is critical, as we are looking for innovative solutions that can be adopted and integrated in our companies, and not only fresh ideas".
Twelve energy startups will be selected to participate in the six-month accelerator program, which will be announced at the end of this month. The first round of Free Electrons in 2017 generated an overall financial value of contracts between the signing startups and utilities of about 2 million dollars, with a pipeline of ongoing opportunities surpassing 12 million dollars.
About Free Electrons
The Free Electrons Program is the best opportunity for startups in the energy space to grow and develop their businesses. The energy market has seen rapid changes in recent years with the rise of renewables, decentralization of the energy system, regulatory uncertainties and disruptive new technologies. To stay ahead, there is a strong need for utilities to source more innovation externally and consider the 'beyond utilities' business models.