DBS Group Holdings and six partners have launched the second cycle of Sustaintech Xcelerator, a six-month, climate-focused hybrid accelerator programme.
Organised in partnership with Temasek, GenZero, Google Cloud, the World Bank, Capgemini and the Centre for Nature-based Climate Solutions at the National University of Singapore (NUS CNCS), the group aims to accelerate climate-tech solutions that will help businesses reduce their emissions. Nonprofit carbon emissions certifier Verra supports Sustaintech Xcelerator as an independent standard setter.
The second run of Sustaintech Xcelerator will focus on solutions in three main areas, namely: nature-based approaches, such as afforestation and reforestation; technology-based approaches, such as carbon capture and storage; and enablers, such as digital tools and capabilities on carbon accounting and sourcing of ESG data.
On the latter, the organisers note “a preference for solutions that can help SMEs implement viable technology solutions to green their operations”.
A total of $250,000 in grants, as well as research, mentoring, networking and office space support will be awarded to up to five successful applicants.
These successful applications will also get access to Sustaintech Xcelerator’s network of world-leading research and commercial partners and will be paired with senior mentors in the climate-tech ecosystem, reads a Nov 8 press release.
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In addition, they also have the option of receiving in-kind support such as mentoring and office space at DBS’s innovation hub, DBS Asia X (DAX).
Helge Muenkel, chief sustainability officer at DBS, says: “SMEs are the backbone of economies globally, they make up 90% of businesses and provide more than 50% of employment worldwide. As such, they have a very important part to play in the green transition. It is essential that they are given access to viable sustaintech solutions to green their operations in an efficient and practical manner. We hope that the solutions borne out of the Sustaintech Xcelerator will empower SMEs on their net-zero journeys.”
Bidyut Dumra, group head of innovation at DBS, says: “From the first cycle of the Sustaintech Xcelerator, it has been evident that there is both quantity and quality in the start-up ecosystem within the Carbon Dioxide Removal (CDR) domain.”
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He adds: “DBS and partners want to tap into that rich pool of innovative solutions and take a few through an amplification process where promising climate tech start-ups can draw on the deep and diverse expertise of our globally recognised partners. The time has come to amplify our efforts to green our emissions and business models.”
The Sustaintech Xcelerator Cycle 2 (2023) is now open for applications through December 2022. Five scale-up start-up finalists will together embark on their six-month acceleration journey from March or April 2023.
Professor Koh Lian Pin, director of the NUS CNCS, says: “Nature is an important ally in humanity's fight against climate change, with nature-based solutions featuring in all of the pathways to net-zero highlighted by the Intergovernmental Panel on Climate Change (IPCC)... We are excited to work with the Sustaintech Xcelerator again for a second cycle to explore appropriate carbon removal applications with passionate and leading innovators.”
First cohort
Organisers say the programme’s first cohort has continued to scale-up their offerings.
Perennial, formerly known as Cloud Agronomics, is a soil Monitoring Reporting and Verification (MRV) technology company. It recently raised a funding round with investors including GenZero and Temasek.
Sylvera, a leading carbon credit ratings platform, has gone on to raise a $32 million Series A from investors Index Ventures, Insight Partners, Salesforce and LocalGlobe.
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Taking Root, focused on restoring the world's forests, works with organisations to enable smallholder farmers to grow trees and earn money from the carbon they remove from the atmosphere.
After participating in Sustaintech Xcelerator Cycle 1 and the inaugural Google Climate Change Accelerator, Taking Root has expanded their flagship CommuniTree Carbon Program across Nicaragua.
Treevia, a smart technological solution for monitoring forest assets, joined the Google for Startup Accelerator in Brazil. It has received investment and is working to deploy its sensor-to-satellite technology with Treevia SmartForest, an intelligent platform for Digital MRV and forest operation management.
Rainforest Connection (RFCx) uses acoustic technology to stop illegal deforestation and monitor the biodiversity of threatened wildlife and rainforests. In the past 12 months, it has deployed 103 RFCx Guardians for various projects around the world and expanded into an additional 19 countries.
Mikkel Larsen, CEO of Climate Impact X, says: “We worked with some of the Sustaintech Xcelerator Cycle 1 Cohort start-ups to strengthen our carbon market’s quality offerings. It is crucial that we can scale up more solutions that can avoid or remove GHG emission.”
The former chief sustainability officer at DBS Bank adds: “Finding the right partners and support can truly accelerate the scale-up. With increasing demands of high-quality carbon credits, if we can couple it with the right solution providers I do think we can speed up our journey to net-zero target.”
