Final weeks to apply for the EDP global startup accelerator program
Free Electrons Global Accelerator is seeking entrepreneurs with creative ideas for the electric power sector
Startups with innovative ideas for the electric power sector can apply for the Free Electrons Global Accelerator program, an EDP Group initiative in partnership with seven other worldwide players in the energy industry, until February 28.
With this program, EDP - a company engaged in energy generation, trading, services and supply - aims to foster new projects pertaining to clean energy, energy efficiency, electrical mobility, digitization, customer support services, and the Internet of Things. The selection period will take place in March and the 12 selected startups will be announced in early April. Candidates can apply at www.freelectrons.co.
"With a global strategy in mind, EDP has been monitoring the entrepreneurial ecosystem in order to bring about significant transformations in the Energy Sector, capable of boosting the company competitiveness. The startups will have the opportunity to join a state-of-the-art development program in some of the most important entrepreneurship hubs in the world," says EDP Manager for Strategy and Innovation Livia Brando.
The selected startups will participate in a six-month acceleration program and undergo three "customer adoption" modules focused on infrastructure sector companies. With a duration of one week each, the three modules will be held in San Francisco/Silicon Valley, Lisbon/Dublin, and Singapore.
The 12 selected startups will also compete for two awards totaling US$200,000. The first award, amounting to US$25,000, will be granted to the entrepreneurs with the best pitch during a competition in Dublin. Finally, at the end of the program, the best-ranking team in all modules will receive US$175,000 and the Free Electrons title of World Best Energy Startup.
Free Electron is the result of a partnership between eight international companies: AusNet Services, Dubai Electricity and Water Authority (DEWA), ESB (Electricity Supply Board), EDP (Energias de Portugal), Innogy, Origin Energy, Singapore Power (SP), and Tokyo Electric Power Company (TEPCO). The initiative also has the support of business accelerators New Energy Nexus and Swissnex San Francisco.
The program partners are leaders in the ongoing shift to cleaner energy solutions in more than 40 countries, representing about US$148 billion in revenue and offering entrepreneurs access to more than 73 million end-customers worldwide.
An advantageous approach for both parties
The companies and accelerators involved in the Free Electrons program are committed to creating a future in which energy is smart, clean and accessible to all. The purpose of the initiative is to help startups in the energy sector improve their products and services, test them, and develop a global customer portfolio. To that end, the partners will offer access to their knowledge, resources and customer portfolios in exchange for investment and partnership opportunities.
EDP and Entrepreneurship
The EDP Group, through its Innovation Ecosystem and EDP Open Innovation program, has been supporting entrepreneurship in the energy sector since 2007. To that end, the company has several corporate tools, such as EDP Ventures (corporate venture capital fund) and EDP Starter (business incubation program), and sponsors various pilot and demonstration projects through programs such as ANEEL R&D, among others.
