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New Energy Nexus launches first fund for Indonesian renewable energy start-ups
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Solar panels (Shutterstock/File)
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alifornia-based nonprofit organization New Energy Nexus announced on Friday its Indonesia 1 Funds, an initiative to invest in early stage renewable energy companies.
New Energy Nexus investment director for Indonesia Yeni Tjiunardi said that the organization aimed to assist 10 to 15 companies – from the seed to the series A stages – in bridging the investment gap and overcoming barriers, in addition to helping Indonesian renewable energy entrepreneurs and companies to enter the market.
“We empower scalable and competent renewable energy companies in progressing Indonesia’s effort to transition to a low-carbon economy by the combined programmatic and investment approach,” she said in a written statement.
She said the fund focused on smart and renewable energy in 10 areas including energy efficiency and management, energy access and storage, and smart grids, the Internet of Things and digitization.
The firm, along with IKEA Foundation, has also closed its first investment in a local renewable energy company, PT Bina Lintas Usaha Ekonomi (BLUE).
BLUE provides solar energy related to goods and services through its online marketplace Warung Energi which caters to individual and industrial customers.
“With this funding, we aim to strengthen our company’s foundation, focus on sustaining high-level development over the next two years,” said BLUE CEO Abu Bakar Abdul Karim Almukmin, adding that the company also aimed to improve its e-commerce platform and expand its team.
New Energy Nexus Indonesia also has an incubation and acceleration program that is open all-year round for renewable energy start-ups and entrepreneurs. (eyc)
