Transition VC, T-Hub, IEEE sign MoU for India's first Energy Transition-focused Startup Accelerator
By : DC Correspondent
Update: 2024-10-08 05:34 GMT
Hyderabad: Transition VC, India's first energy transition-focused venture capital fund, has signed an MoU with T-Hub and IEEE (Institute of Electrical and Electronics Engineers) to launch the country's first energy transition-focused Startup Accelerator. The first cohort of the accelerator aims to support 4-5 startups, while it will expand its support to 7-8 startups in following cohorts. The application process for the accelerator will be announced by soon.
Hyderabad-based T-Hub will function as the Innovation Execution Partner under this collaboration. It will play a key role in structuring and executing the Accelerator Program, while also helping startups with R&D and product prototyping. Transition VC will be instrumental as the Funding and Market Access Partner, ensuring that startups receive the financial support, market resources, and mentorship needed for commercialisation and growth. Similarly, IEEE will serve as the Knowledge Partner, providing founders and their teams with academic support, access to technical domain experts, skill training, and university network. This strategic partnership addresses the comprehensive incubation required for deep-tech startups, empowering them with an all-round support.
The Accelerator Program will focus on startup solutions across key energy transition areas such as decarbonisation, electrification of transportation, long duration energy storage, power electronics, Net Zero, and new energies.
Mohammed Shoeb Ali, Co-founder & Managing Partner, Transition VC commented, “India’s startup ecosystem is facing a shortage of energy transition and deep-tech hardware startups. This challenge is particularly critical as energy transition is not just a climate imperative but also a matter of energy security for India. Building hardware products in deep-tech requires significant investment in R&D and prototyping, which is often a deterrent for many engineers. Through our partnership with IEEE and T-Hub, we aim to create a supportive ecosystem for entrepreneurs, providing them with the necessary technical and product development infrastructure to succeed in this sector.”
Mahankali Srinivas Rao (MSR), CEO of T-Hub, stated, “This Accelerator is a call to action for innovators in the energy transition sector. The journey to Net Zero is about rethinking how we approach sustainability, and through this initiative, we are providing startups with a platform to co-create impactful solutions. Our combined expertise will empower changemakers to push boundaries and bring about meaningful change in energy innovation.”
Srikanth Chandrasekaran, Senior Director at IEEE, added, “IEEE is proud to be part of this Accelerator Program, dedicated to driving solutions that address the challenges posed by climate change. Our collaboration with TVC and T-Hub to establish this program reaffirms our commitment to fostering innovation and creating sustainable solutions that will drive the global transition to a low-carbon future.”
This Accelerator Program is part of the broader “Net Zero Warriors” joint-initiative by Transition VC and IEEE, aimed at addressing climate change through cutting-edge engineering solutions. Under the initiative, two Centres of Excellence (COEs) will also be set up in India, with one at Hyderabad’s T-Hub already underway. These centres will provide a platform for startups, entrepreneurs, and students to collaborate, innovate, and scale technologies that contribute to energy transition and climate sustainability.