Climate tech is becoming an increasingly important part of the Australian startup ecosystem, and each week we hear from startups raising millions of dollars in funding for climate, energy, and sustainability-focused solutions.
So as we observe Earth Day 2024, here’s a quick look at the innovative Aussie tech startups in this sector that have raised serious funding so far this year.
Today RayGen Resources announced $51 million in Series D led by Breakthrough Victoria and SLB.
The funding is expected to bolster RayGen’s manufacturing and engineering capabilities in Victoria and assist its expansion efforts both domestically and internationally.
In January, Amber Electric charged up with a $29 million Series C round – valuing the company at an estimated $120 million – to help it expand in Australia and enter international markets, focusing on battery and EV automation technology.
Also in January, National Renewable Network secured $10 million in fresh funding for its B2B platform designed to make solar and battery systems more accessible to Australians.
In March, precision fermentation startup Cauldron closed a $9.5 million Series A funding round to continue scaling its cutting-edge approach to continuous fermentation, which in turn is setting the stage for more sustainable bio-based products to achieve price parity and mainstream adoption.
Also in March, Jupiter Ionics raised $9 million in Series A funding for its carbon-neutral ammonia, which has potential widespread application in fertilisers used in the agricultural sector.
Western Australian clean energy software startup Gridcog also raised capital in March, securing £3.3 million ($6.4 million) for its platform that helps companies simulate and track clean energy projects, so they can assess the best solution for their needs.
In April, New South Wales-based clean energy startup MGA Thermal raised $5.7 million to bring its latest funding round to around $14 million, as it prepares to enter the next testing stage for its thermal energy storage system.
Also in April, Tasmanian accounting startup Sumday for its platform, which is described as “the only carbon accounting platform that is built for accountants first”.
In February, Victorian startup Gaia EnviroTech raised $4.3 million to continue its work decarbonising the food, manufacturing and agriculture sectors. The Ballarat-based organic waste management and bioenergy company has developed what it calls modular anaerobic digestion and in-vessel composting services, to help companies meet environmental, social and governance (ESG) goals.
Green tech startup Bygen revealed it had completed a $2.6 million Series A round in April, along with plans to establish a large-scale production plant for its tech that turns agricultural waste from nut shells into activated carbon, which it then uses to filter environmental toxins.
Earlier this year, food distribution startup Yume raised $2 million in seed funding to continue building its platform that reduces food waste by connecting surplus food from manufacturers to businesses and charities.
In March, Fremantle Seaweed secured $1.26 million via a Birchal equity crowdfunding campaign. The startup farms seaweed as a means of fighting climate change and providing sustainable food sources.
At the end of January, Melbourne-based Alt.Leather raised an oversubscribed $1.1 million in seed funding for its leather products that are animal-free, plastic-free, and made from agricultural waste.
In April, Perth-based energy storage systems startup AVESS Energy raised $1 million in what it called a Series A Round 2 funding round. The company, which owns 50% of South Korean vanadium redox flow battery (VRFB) R&D company KORID Energy and is the owner of its technology, bills itself as “Australia’s next energy storage solution”.
In February, CarbonHQ secured $600,000 in pre-seed funding for its all-in-one digital platform that helps make carbon projects more efficient and transparent for developers.
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Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
