Singapore Power, in association with seven other leading utility companies, has launched a global accelerator program christened Free Electrons. It aims to connect the startups specializing in areas such as clean energy, energy efficiency and mobility, digitization, and on-demand customer services with the utility companies to co-create the future of energy.
Together, SP along with the corporations, namely, AusNet Services, Dubai Electricity and Water Authority (DEWA), Electricity Supply Board (ESB), Energias de Portugal (EDP), Germany’s Innogy, Origin Energy and Tokyo Electric Power Company (Tepco), have about 73 million customers spanning 40 countries and a combined net income of approximately $148 billion.
The startups, through the huge network of these companies, will get the opportunity to gain access to the utility customers that can help them scale and expand into new markets around the world.
The accelerator program is supported by two accelerator partners from Silicon Valley – New Energy Nexus and swissnex San Francisco – both exhibiting the extensive networks in the innovation ecosystem.
Energy startups from Singapore and other countries may apply to Free Electrons from today until February 28. Then in April, names of twelve selected startups will be announced. They will get to participate in the six-month-long program, and potentially test their products and services on the massive customer base of all eight utility providers.
Free Electrons entails three international modules across the globe, where participants will work closely with local accelerators, utilities, mentors and other resources in order to jump-start their company’s growth. These customer adoption modules will be spanning in Singapore, Lisbon, and Dublin, as well as Silicon Valley.
The program will help startups “level up” quickly, with curated support and access to the network of utility giants. In a statement, May Liew, SP director of strategic development, said,
Together we can develop transformational energy solutions to provide customers with more choices, and help them to save energy and cost.