Clean technology hub, Sustainable Ventures, and engineering giant, Schneider Electric, have reportedly joined forces for the launch of a funding competition for entrepreneurs who are looking to scale “open energy” solutions and technologies.
Launching the new competition on Monday, 10th May 2021, the partners insisted established companies and start-ups working on innovative technologies that leverage digitalization and data in the inter-disciplinary and nascent field of “open energy” for application.
According to Katie Mills, Schneider Electric’s Head of Innovation, open energy systems would be vital for the achievement of a net zero emission economy. Mills further stated that as 2050 comes closer, the company understands the crucial requirement for open energy systems. This rivalry has been designed for developing and going to market with the best innovative solutions at the quickest pace possible, added Mills.
As per reliable sources, projects eligible in the competition could comprise technologies that boost prediction, monitoring, and management of smart grids, electric vehicle infrastructure, and other solutions that are vital to the net zero transition, or tools that optimize the usage of energy at substations, data centers, and office buildings.
Successful applicants will be taking part in a four-month initiative that begins on 2nd August 2021. During this programme, they will have a chance for undertaking proof of concepts and fully-funded trials of their technology. The winning company or companies will then have a chance for commercializing or scaling up their solution in collaboration with Schneider Electric.
As per Sustainable Ventures’ Head of Innovation Services, Arsha Branson, the programme represented a unique opportunity for start-ups and innovators. Three of the organizations that took part in the competition of 2020 had secured a commercial contract with Schneider Electric.
Branson also stated that the programme provides a unique opportunity for scale-ups and innovators. By the end of 2021, the companies could be collaborating with one of the largest players in the energy sector for mass-market deployment and for the achievement of rapid scale-up.