This year's New Energy Challenge is set to feature two competitions for both start-ups and scale-ups run by young entrepreneurs
Shell has launched its fourth annual clean tech funding prize, expanding the 2019 programme to feature two separate competitions for start-up and scale-up firms, as well offering a new retail pilot project for one of the winners, it announced today.
The oil giant's New Energy Challenge, organised in partnership with Rockstart, YES!Delft, and Get in the Ring, gives young entrepreneurs in Europe and Israel who are developing green energy technologies and disruptive energy solutions the chance to win funding and support for their businesses.
To increase the impact of the competition, this year's focus is on both start-ups and scale-ups and will offer support for innovative, low carbon energy technologies covering mobility, energy management, energy storage, and hydrogen, Shell said.
The firm explained that by differentiating between start-ups and scale-ups, the competition offers successful companies with different levels of maturity more appropriate levels of support - such as coaching, expertise, and access to Shell's network - to suit their different needs.
'Track One' of the competition offers early-stage start-ups a programme designed by YES!Delft for finalists to build their business plans and exchange ideas with experts, with the winner receiving at least €100,000 towards a proof of concept within the Shell GameChanger programme.
Track Two of the Challenge offers scale-ups the chance to engage with experts from Rockstart and design a pilot proposal, with the winner then developing the pilot further with Shell Ventures and Shell's Retail business with a view to launching a pilot at a Shell retail site.
"The New Energy Challenge brings together some of the best minds working on the transition towards a lower carbon future," said Geert van de Wouw, vice president at Shell Ventures. "We are offering one of this year's winners the opportunity to develop a pilot project with Shell's support. This is unique to the New Energy Challenge and a concrete example of our commitment to collaborating with young entrepreneurs to accelerate the energy transition."
The competition is open for entries until 24 May 2019, after which finalists will be chosen and invited to join the finals week in October to prepare their pitches.