Transition VC, an energy transition-focused venture capital fund, has secured a strategic partnership with the Kerala Startup Mission (KSUM) to boost the development of startups in the clean energy and decarbonisation sectors. The Kerala state government, through KSUM, has invested Rs 15 crore in Transition VC, marking a significant step towards achieving the state’s sustainability goals.
KSUM’s investment in Transition VC aligns with Kerala’s commitment to sustainability, particularly in energy independence. The collaboration will support local, as well as, national deep-tech energy transition startups through financial backing, strategic guidance, and access to Transition VC’s deep domain experts.
The Kerala government is promoting energy transition, setting a target of becoming a 100 per cent renewable energy-based state by 2040 and achieving net carbon neutrality by 2050. It has established robust support systems such as maker village, fab labs, internet of things labs, and a micro small and medium enterprises cluster spread across the state, providing advanced facilities for startups in the energy transition space. The state’s commitment to green energy is also reflected in its marquee Hydrogen Valley projects, which are in the pipeline for Kochi and Thiruvananthapuram. These projects clubbed with Kerala's commitment to expanding solar and wind energy projects, highlight the state's strategic alignment with Transition VC's goals and mission, which include the offsetting of 40 million tons of carbon emissions through strategic investments in energy transition.
Speaking on the partnership, Raiyaan Shingati, Co-founder & Managing Partner, Transition VC said, “We are excited and deeply grateful for the Kerala State Government’s trust and investment in Transition VC. This Rs 15 crore investment is a significant step towards accelerating the energy transition in Kerala. Together, we aim to create sustainable energy solutions, drive innovation, and pave the way for a cleaner and greener future for the state. With this partnership, we are confident that Kerala can become a model for renewable energy adoption and inspire similar efforts across the nation.”
This partnership leverages Kerala's strong institutional ties with research hubs, offering crucial support for scaling deep-tech businesses. It aims to harness Kerala's natural assets, such as its tropical climate and coastline, to explore hydrogen production while driving investment in energy transition sectors like drone technologies and marine electrification.
_20241127165729_original_image_8.webp)
