EnergyLab, Australia’s leading climate tech startup accelerator, has marked its largest year of startup support yet in 2024, as detailed in the launch of its 2024 Decarb Debrief.
Download the report here
A Year of Growth and Innovation
In 2024, EnergyLab supported 85 startups and 25 aspiring founders across nine programs, providing essential mentorship, funding, and industry connections. These programs, spanning from early-stage ideation to international expansion, continue to play a crucial role in advancing climate tech solutions.
EnergyLab startups pitch in Brisbane as part of the QLD Investment Ready Program
Investment in Climate Tech
EnergyLab’s Australian alumni achieved significant milestones, collectively raising $147 million in venture capital funding, a $20 million increase from 2023. This represents 25% of the $609 million in climate tech funding secured by Australian climate tech startups according to the Cut Through Ventures 2024 State of Australian Funding Report. Additionally, Australian EnergyLab alumni secured $27 million in grant funding, highlighting the importance of non-dilutive capital in scaling climate tech innovations.
Securing funding remains a major challenge for climate tech startups, necessitating a mix of venture capital, grants, and angel investment to scale their solutions.
Megan Fisher, CEO of EnergyLab, highlighted the importance of continued investment in Australia’s climate tech sector:
“Even though these figures are great, we know that funding for startups - both investment funding and non-dilutive funding options in Australia - remain too limited for both launching and scaling a breakthrough tech company in climate… We are seeing real momentum in Australia’s climate tech ecosystem, with a developing network of more experienced founders, investors, and industry players stepping up to drive innovation. However, there’s still work to be done to unlock the full potential of climate tech in Australia. EnergyLab remains committed to supporting ambitious startups to bring breakthrough solutions to market.”
The EnergyLab Team
Expansion and Future Growth
This year also marked a significant transition for EnergyLab. After eight years at its Blackfriars coworking space, EnergyLab relocated to UTS Building 5B in Haymarket, Sydney, offering modern facilities for climate tech startups. Additionally, a new partnership with RMIT Activator in Melbourne and desk space for program members at The Precinct in Brisbane have further strengthened EnergyLab’s national presence.
Additionally, EnergyLab’s growing network of angels (up 25 in 2024 to a total of 205) and mentors (up 60+ in 2024 to a total of 429) continues to foster a supportive ecosystem, ensuring climate startups have the expertise and resources needed to scale.
Looking ahead, EnergyLab remains committed to fostering a thriving climate tech ecosystem. In 2025, EnergyLab will introduce the Supercharge Incubator Program, designed to support emerging founders innovating along the lithium battery value chain with structured mentorship and access to industry expertise. By expanding its program offerings, EnergyLab aims to further accelerate Australia’s transition to a net-zero future.
For those looking to engage with EnergyLab—as a startup, investor, mentor, or industry partner—you can find those opportunities here.EnergyLab is also a registered charity, so any donations over $2 are tax deductible, and you can donate here.
Read more in the 2024 Decarb Debrief here.
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