Supported by Temasek Foundation, the clean energy challenge in its fifth edition offers an opportunity for start-ups in the sector to pilot and scale up their solutions to create positive environmental impact
Sustainable Energy Association of Singapore (SEAS), supported by Temasek Foundation, launched today the fifth edition of PowerACE 2022, which will bring together solution seekers and innovators in the clean energy industry, and offer winning start-ups an opportunity to test-bed their innovations at facilities of solution seekers. It seeks to sustain the momentum to address climate change, with a showcase of a wide range of viable innovative solutions that can drive Singapore and the region’s energy eco-systems towards a better and cleaner future.
From now till 23 August 2022, interested applicants from energy start-ups as well as start-ups that focus on supporting the energy industry are invited to submit their solutions for PowerACE 2022. The four problem statements that will be of focus for this year’s PowerACE 2022 address specific industry needs in the space of Decarbonisation, Digitalisation, Buildings and Mobility.
According to the Asian Development Bank , global energy prices have increased by more than 26 per cent in the early months of 2022, due to a global consumer demand rebound from COVID-19 amidst sanctions on Russian crude oil and natural gas. Continued action is needed to change the energy mix in the region and transition away from fossil fuels, but the increase in energy prices have caused a temporary wane in the general enthusiasm for a clean energy future in favour of a respite. Hence it is imperative that we maintain the focus on the path to accelerate the low-carbon transition and marshal more energy efficient solutions and renewable energy technologies to build a no-carbon future.
“Decarbonisation, Digitalisation, Buildings and Mobility are areas which can unlock new doors and pave the way forward into a data-driven future for clean energy. PowerACE represents a great opportunity for innovators and fast growing start-ups to connect with investors, business leaders and industry experts and gain new insights and mentorship opportunities for scaling up”, said SEAS’ Executive Director, Kavita Gandhi.
PowerACE 2022 is open to start-ups from around the world, including PowerACE participants and winners who took part in previous competitions.
The top 12 finalists will get to pitch their solutions to a judging panel and other industry leaders. Solutions stand a chance to tap on a funding pool of up to S$600,000 to test-bed and pilot their solutions with selected partners. Other opportunities extended to successful solutions include a platform to showcase their solutions at their very own booths at Asia Clean Energy Summit (ACES) 2022 Innovation Arena, features on ACES’ website, networking with experts in the industry, and a one month mentorship to strengthen business models and pitches.
This year’s PowerACE pitching session will be held at the Sands Expo & Convention Centre on 27 October 2022.
In addition to the Temasek Foundation, PowerACE 2022 is also supported by BloombergNEF, CapitaLand, City Developments Limited, EcoLabs Centre for Innovation for Energy, and Private Financing Advisory Network (PFAN).
Our future and our children’s future on this planet demand that we secure the clean energy transition with urgency. Through supporting PowerACE 2022, we hope to be able to accelerate the energy transformation by bringing together solution seekers, innovators and key stakeholders in the ecosystem to advance impactful solutions that can address pressing industry needs. When everyone is on deck, we can make a bigger impact on climate change,” said Mr Lim Hock Chuan, Head, Programmes at Temasek Foundation.
At last year’s edition, one of the winners was SunGreenH2, under the Clean Energy (Renewables, Energy Efficiency) theme. For building the world’s highest efficiency water electrolyser using advanced nanostructure materials, it won the EcoLabs Centre of Innovation for Energy Award and S$100,000 in funding.
“Winning PowerACE 2021 not only helped us unlock a valuable ongoing partnership with Ecolabs Centre for Innovation for Energy, but the visibility generated by exhibiting our novel green hydrogen technology at ACES also gave us wide access to partners in the energy ecosystem in Singapore. PowerACE is a highly recommended must for all energy start-ups”, said Tulika Raj, Chief Executive Officer and Co-Founder, SunGreenH2 .
Start-ups interested in PowerACE 2022 can find more information and apply here.