Energia and NBIF announced Wednesday companies going in the program -- regardless of whether they're based in New Brunswick -- will receive an investment of up to $50,000 from NBIF. Adding in non-dilutive funding of $20,000 that is already in place, it means each company will receive up to $70,000 if they complete the program.
UNB’s Technology, Management and Entrepreneurship program launched Energia two years ago to nurture companies in the energy, smart grid, cleantech and cybersecurity sectors. The accelerator is now accepting applications from companies based in New Brunswick or elsewhere for its next cohort, which will begin in September. Applications are open until July 14.
“Energia has a great reputation for working with companies to help them realize their full potential and getting them to market,” said NBIF Investment Director Ray Fitzpatrick in the statement. “They play a key role in the New Brunswick innovation ecosystem by helping these companies establish relationships and by curating investible companies.”
An intensive 13-week program, Energia prepares startups for rapid revenue growth in these sectors. Ideal companies have previously raised funds and have a market-tested product. Energia prepares these companies as they move towards full-scale commercialization and raising follow-on funding.
“NBIF knows that the best accelerators in the world come with equity investments and by assisting Energia in making this level of commitment, we believe they will be on par with the best-in-class International accelerators in both programming and funding,” said Fitzpatrick. “We want to see Energia achieve International recognition as an accelerator with a highly competitive environment from startups to participate in the program.”
Added Energia Managing Director Joe Allen: “We’re so very pleased to have NBIF believe in the work we’re doing and demonstrate that by investing in the companies we work with. We strive to attract and work with the best companies in our sectors of focus, and this investment will go a long way in attracting these companies in the competitive space of business acceleration.”