The new Clean Energy Innovation Fund has made its first funding grant, seeding a new $20 million fund with a $10 million cornerstone investment.
The Fund has invested in an investment vehicle called Artesian Venture Partners, which will seek to invest in up to 50 cleantech start ups over the next five years.
Artesian has targeted another $10 million private sector investment.
Artesian’s managing partner Jeremy Colless said the fund was focussed on sectors such as the Internet of Things, energy storage, biofuels, alternative energy generation, metering and control, and water and waste.
The Innovation fund is managed by the Clean Energy Finance Corporation and the Australian Renewable Energy Agency.
It has $1 billion to invest over 10 years.