There is a new startup accelerator in Austria. Austria’s largest energy company Verbund is now looking for startups that have innovative business models in the field of energy and infrastructure. Specifically, the six fields of infrastructure of the future, energy management forecasts, energy efficiency solutions, optimization solutions for the operation of hydropower plants and innovations in the field of photovoltaics and hydrogen are being sought.
Compound X christened, the Accelerator is carried out together with Bundesimmobiliengesellschaft, OMV, Post and Austrian Power Grid, and strategic partners include ÖBAG, Erste Group, Green Tech Cluster, voestalpine, Stanford University Nanoscale Prototyping Laboratory and RISE Accel.
“We build on the innovative strength of start-ups as well as the cooperation with our partners in order to secure our existing business with innovative solutions and to build new business models. In this way, we remain prepared for the future of energy, even in exceptional situations such as the Corona crisis, ”says Deputy General Manager Michael Strugl from Verbund AG.
Over the summer, suitable startups for the six search fields will be searched for the accelerator program and selected in a multi-stage process – the application deadline is June 26th. The final startups, with which a cooperation will subsequently be concluded, are to be determined in November 2020.
In a acceleration phase, a proof of concept (PoC) is to be developed, at a demo day in November the PoCs will then be presented to executives from Verbund and its partners. The startups will receive a budget for the development of the PoC.
Incidentally, the accelerator is being implemented in cooperation with WhatAVenture from Vienna, who have already implemented projects in the area of innovation for Wien Energie and Deutsch Post.
With Verbund, Post and OMV, a number of large companies are now jointly active in the startup area, which are close to the state through ÖBAG’s investments. The fact that OMV is on board as a partner with the Accelerator indicates that the company’s own startup efforts have been put on hold for the time being.