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Singapore Power in tie-up for accelerator programme in energy sector
SINGAPORE has established what is believed to be Asia's first utility-led accelerator programme.
Singapore Power (SP) and Infocomm Investments Pte Ltd (IIPL) on Thursday introduced Spark Accelerator Pte Ltd, a joint venture to discover and accelerate startups in the energy sector.
Spark will invest up to S$4 million to groom some 30 startups - or S$30,000 in each startup (in return for a 6 per cent equity stake) - and provide them with complimentary working space at Bash, an integrated startup space located at the JTC LaunchPad @ one-north.
Through Spark, startups can leverage the industry expertise and network of SP, and the venture capital ecosystem of mentors and investors of IIPL, said both partners.
The accelerator programme, which opens for applications in Q2 2016, aims to develop innovative solutions to meet the "future energy needs of customers", across key areas such as energy efficiency, mobility, cybersecurity and on-demand customer services.