Kerala Startup Mission Invests Rs 15 Crore in Energy Transition VC Firm
- ByStartupStory | October 23, 2024
The Kerala Startup Mission (KSUM) has made a significant investment of Rs 15 crore in Transition VC, India’s first venture capital fund dedicated to energy transition. This move is part of Kerala’s broader strategy to push for energy independence and sustainability. The investment aims to support startups focused on clean energy and decarbonisation, advancing Kerala’s goal of achieving 100% renewable energy by 2040 and net carbon neutrality by 2050.
In a statement, KSUM highlighted that this partnership with Transition VC will provide both financial backing and mentorship to deep-tech startups working on energy transition solutions. These startups will also gain access to global networks and expertise through Transition VC, boosting their growth and innovation in the energy sector.
Raiyaan Shingati, Co-founder and Managing Partner of Transition VC, expressed his excitement about the collaboration, stating, “This INR 15 crore investment is a major step towards accelerating Kerala’s energy transition. We are confident that this collaboration will drive innovation and position Kerala as a leader in renewable energy adoption.”
KSUM CEO Anoop P Ambika emphasised the importance of this investment in Kerala’s sustainability roadmap. “This investment is a vital part of Kerala’s sustainability strategy,” said Ambika, adding that financial and strategic support will be crucial for both local and national energy transition startups.
Kerala has been actively working towards enhancing its sustainability efforts. Notable initiatives include the development of hydrogen valley projects in Kochi and Thiruvananthapuram, alongside plans to expand solar and wind energy projects. These efforts align with Transition VC’s mission to reduce 40 million tonnes of carbon emissions through targeted investments in the energy transition space.
The collaboration between KSUM and Transition VC seeks to harness Kerala’s natural advantages, such as its tropical climate and vast coastline, to explore hydrogen production and promote clean energy projects across various industries, according to the companies’ joint statement.
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