Cleantech companies chosen for Australia's Ignition Labs
Australian clean technology accelerator Ignition Labs has chosen five startups for its inaugural program.
The new startups will get a $25,000 investment in exchange for a 7.5% equity stake. At the end of the three month program, the companies will be taken on an investor road show with promotional and networking events in Australia and the U.S. That includes a stop at SXSW Eco in Texas.
Ignition Labs is the brainchild of ATP Innovations, a Sydney-based business incubator. A number of startup founders and clean technology experts teamed up with venture capital firm Starfish Ventures and international law firm DLA Piper, to make the program a reality.
The new cohort includes:
> Chunk Moto - A business focused on creating affordable, sustainable transportation; their main product converts the Honda Cub motorcycle into a high-performance electric vehicle
> LoadMax – Provides freight matching services to companies; means lower delivery costs for buyers and sellers
> MicroEnergyLabs – Provides consumers with real-time consumption data and usage patterns to help them reduce costs
> Open Shed – A safe and secure peer-to-peer rental platform; allows participants to rent items (like a power drill) thereby reducing the necessity of hyper-consumption
> Zenogen – Develops highly-efficient carbon electrodes for hydrogen production