GLOBAL IMPACTREPORT 2023

20 years accelerating theclean energy transition

ABOUT NEW
ENERGY NEXUS
New Energy Nexus is theworld’s leading clean energy
ecosystem builder.
With 20 years of experience, we provide worldclass accelerators, funding, and training tohelp diverse entrepreneurs build a 100% clean
energy economy in the shortest time possible.

2023 GLOBAL IMPACT REPORT

Table of Contents
Our Strategy									03Celebrating 20 Years Of New Energy Nexus 04
CEO Letter									05Our History								06Our Global Reach							08What We Do									10Our Impact In 2023								16Systems Change							18Entrepreneurs								19Startups & Businesses					20Financials										30Our People										31Thank You 										342OURSTRATEGY
Our Vision

An abundant world with 100% clean energy
for 100% of the population, in the shortest
time possible.

Our Mission

New Energy Nexus aims to support diverse
entrepreneurs to drive innovation and build
equity into the global clean energy economy.

Our Goal

To support 100,000 clean energy
entrepreneurs to succeed by 2030. It’s
the Big, Risky, Audacious, Visionary andExponential (BRAVE) goal the planet needs
to accelerate the energy transition.

2023 GLOBAL IMPACT REPORT

Why clean energy
entrepreneurs?
We deliver our mission with a laser focus on clean energy
entrepreneurs across urban centers and rural communities. They
are the agents of change the world needs in this critical decade ofclimate action:

Increasing access toclean energy

Creating
green jobs

Stimulating economic
development

Diverse entrepreneurs are
essential in the clean energy
transition due to their ability toinnovate and deploy solutions as
close to the ground as possible.
Our measure of successis theirs.
We support entrepreneurs to
overcome challenges related to:• Access to capital• A talent pipeline both for theirown teams and in the wider
clean energy sector• The skills to run a business• Inclusive ecosystems (fromcorporate partnerships to
networking opportunities) to
support innovation and growth3

CELEBRATING 20 YEARS OF
NEW ENERGY NEXUS

4

LETTER
FROM DANNY
Reflections from Danny Kennedy,
Chief Energy Officer

It is a privilege to work every day with people seeking
to tackle climate change by creating jobs, services,
wealth, and opportunity. That is literally what we do,
day in and day out at New Energy Nexus. I will never
have a better job.
Since 2016 we have backed 1,198 startups –businesses, small and large, doing this criticalwork. We have trained over 8,800 individuals either
aspiring to be startup founders or making the moves
themselves as entrepreneurs. And last year wetrained more than a quarter of those, which means
NEX is growing fast. That’s good news because weneed an army of entrepreneurs to make the energy
transition happen in the time required byclimate science.
I am glad to say that 40% of those entrepreneurs
identify as women, up significantly from the low 30s
in prior years and way above the industry average inmost entrepreneur support organizations. A quarterof all entrepreneurs come from under-represented
communities. As a result, the quality is improving
in terms of ideas for enterprises to meet our dual
purpose of driving innovation while building equity
into the global clean economy.

copyright: Leigh Keily

2023 GLOBAL IMPACT REPORTAs the years have gone by we have realized thathuman capital is now a key constraint to the cause ofclimate solutions spreading at the speed and scaleneeded. This doesn’t only apply to the businesstraining of these founders, but skilling the employees
needed to help them succeed. That’s why NEX has
increased our efforts in offering new energy skills
training as well.

This skills focus, and more women in energy
entrepreneurship, will be hallmarks of our third
decade. I also want to see us expand our energy
access efforts, with a truly differentiated model
centered on community-based organizations inEast Africa.
And our Just Batteries work! Making sure thatbatteries - a linchpin technology - are done right haslong been a focus of New Energy Nexus. Rightly
so, as they are the enabling tech for the wholetransformation of our electricity and mobility markets.
Watch this space for more on that front as well.
Finally, finance innovation and startups in the spaceof organizing capital will become a bigger and bigger
part of our portfolio as new energy attracts trillions.
This will help us round out the ecosystem we need toensure the success of our entrepreneurs.
This year, 2024, I will transition away from my role as
CEO so that someone with a different acumen canlead the incredible team here at NEX. It is not easy toleave such a wonderful role and organization, but it isnecessary to ensure that new ideas and new energy
flows into this work.
I will continue to champion NEX for all it will do andsimply want to express gratitude to the team, theboard, our funders and donors, and most of all to ourentrepreneurs, who inspire us every day and allow
us to have the outstanding impact documented inthis report.
Shine on, New Energy Nexus, shine on!
5

OUR
HISTORY

2022
2020

A flagship accelerator helping growth-stage clean
energy startups scale up in New York.

2014 Published paper on
expanding energy access in US
Tribal communities

2023
COP28 UAE selects New Energy
Nexus as Climate Tech Startup
Program partner

Expansion in Uganda

A trade association to support battery startups in
California.

New Energy Nexus and ENVenture merge toform New Energy Nexus Uganda, expanding ourfootprint into East Africa.

This is the first program at a COP to accelerate
early stage climate tech startups fromaround the world, with a focus on those fromthe Global South.

2018 Launch of New Energy Nexus
in Thailand and Indonesia

New Energy Nexus launches
programming in the UAE
in partnership with Hub71.

250
200

dispersed

150

US $3.7 billion

100
50

23

mobilized

20

22
20

21
20

20
20

19
20

18
20

17
20

16

0

20

Launched New Energy Nexus China

300

5

A global energy startup accelerator that connects
the world’s most promising energy startups withutility companies.

350

01

Launched New Energy Nexus

Co-founded Free Electrons

Since 2004
US $94 million

400

-2

With support from GIZ, the German development
agency.

Startups supported

04

2017
Launched New Energy Nexus
Southeast Asia

A program to help early stage California clean
energy startups bring their concepts andprototypes to market.

New Energy Nexus and Climate Collective partner
to run India’s first Solar Hackathon in New Delhi.

2023 GLOBAL IMPACT REPORT

Launch of New Energy Nexus in
Vietnam and the Philippines

2012 Launched CalCharge

New Energy Nexus becomes the operating namefor the organization’s expanding footprint in the
USA and globally.

New Energy Nexus CEO, Danny Kennedy,launches an Audible UK podcast series with actor
Cate Blanchett, featuring a line-up of innovators,
activists and thought leaders.

2019

as an independent 501(c)3 non-profit organization.

2016
Launched CalSEED

Climate of Change podcast launches

to accelerate deep tech climate solutions.

2008 Launched CalCEF Innovations

A grant program that provided the financial
launchpad to develop clean energy businesses.

a partnership with EnergyLab to accelerate energy
storage solutions in Australia - the world’s biggest
producer of Lithium.

Launched Third Derivative inpartnership with RMI

2015 Created Residency Program(XIR & FIR)

Partnership in India

Launch of Supercharge Australia

20

CalCEF was launched as the locus of organizations
working to spur investment and innovation in theclean energy economy in California, starting as
a US$30 million public benefit investment fundcreated via a PG&E (California’s power utility)
bankruptcy settlement.

in partnership with the Clean Technology Hub,
based in Abuja, Nigeria.

New Energy Nexus launches
The Clean Fight in New York2006 Founding sponsor of UC Davis
Energy Efficiency Center

2004
Launched California Clean Energy
Fund (CalCEF)

Expansion in Nigeria

6

20 YEARS ACCELERATINGTHE ENERGY TRANSITION“From its genesis 20 years ago in California, New
Energy Nexus has filled a critical gap in the clean
energy transition by focussing on incubating andaccelerating diverse entrepreneurs. With theirability to innovate quickly, disrupt industries, andlaunch and scale rapidly, energy entrepreneurs
are key agents of change in our climate future.
Taking the New Energy Nexus blueprint global
has enabled our entrepreneurs to addresscritical challenges in the energy transition:from making better batteries, re-skilling a clean
energy workforce around the globe, to programs
focussed on bringing more women into thesector. I’m excited to see the impact we make inthe next decade.”—Julie Blunden, New Energy Nexus, Board Chair
government partner (Technology Application andPromotion Institute)2023 GLOBAL IMPACT REPORT“New Energy Nexus has been one of the state ofCalifornia’s key partners not only in identifying
and supporting the best and brightest clean
energy entrepreneurs, but also in lifting up
stakeholders we may not otherwise have seen
and heard. They have broadened and enriched
our collaboration with startups everywhere from
Imperial County and the Salton Sea region,
through to the Pacific, working with Chinese andAustralian innovators. Our Golden State gains
so much from working with New Energy Nexus
to build a clean energy future for all. We lookforward to expanding our partnershipeven further.”“The National Energy Council welcomes theinitiatives carried out by New Energy Nexus
Indonesia, especially in relation to clean
technology for startups. I believe this platform
has the potential to promote awareness andenhance the adoption of clean energy in various
regions, aligning with the goals outlined in thenational energy policy.”—Satya Yudha, member of The National Energy
Council of the Republic of Indonesia (Dewan Energi
Nasional Republik Indonesia)—David Hochschild, Chair of the California Energy
Commission

7

20 YEARS ACCELERATINGTHE ENERGY TRANSITION(CONTINUED)“DOST-TAPI remains unwavering in its
commitment to supporting local inventors andinnovators, a mission made more achievablethrough our partnership with New Energy
Nexus. This partnership enabled us to cultivate
an environment conducive to clean energy
initiatives and opportunities. DOST-TAPI and
New Energy Nexus have become a conduit forinvaluable networking for clean energy players
in the industry. We look forward to strengthening
this collaborative effort and aspire to position thenation as a pivotal player in transitioning toward
a more resilient and sustainable future.”“As one of the only clean energy accelerators in
Uganda, we’ve created a one-stop solution for
local entrepreneurs to serve hard-to-reach, offgrid communities. We have made it easier for
entrepreneurs to access tailor made financing,while also offering the training and mentorshipthey need to thrive.”—Julius Mujuni, Country Director,
New Energy Nexus Uganda“Our ‘China In, China Out’ strategy has
helped global startups enter the Chinese
market and supports Chinese startups toexpand internationally. Our partnerships withcorporations, governments, financial, andresearch institutions bridge gaps and createsynergies that would not exist were it not for New
Energy Nexus.”—Andrew Chang, Country Director,
New Energy Nexus China—Atty. Marion Ivy D. Decena, Director, DOSTTAPI, Phillipines government partner (Technology
Application and Promotion Institute)2023 GLOBAL IMPACT REPORT

8

LOCAL SOLUTIONS,GLOBAL REACH
The regions we operate and partner in are strategicallyselected based on a number of factors: our potential
and unique impact, current and projected energy use,
and the opportunity to grow an inclusive and diverse
clean energy ecosystem. Each of our chapters operate
their own suite of locally tailored programs.
New Energy Nexus in India

New Energy Nexus Thailand

in partnership with Climate Collective

New Energy Nexus California

The Clean Fight

New Energy Nexus New YorkNew Energy Nexus
in the UAE

New Energy Nexus China

in partnership with Hub71

New Energy Nexus Philippines
New Energy Nexus Vietnam

New Energy Nexus in Nigeria
in partnership with Clean Tech Hub

New Energy Nexus Indonesia
New Energy Nexus Uganda

New Energy Nexus Ventures

New Energy Nexus in Australia
in partnership with Energy Lab

2023 GLOBAL IMPACT REPORT

9

WHAT
WE DO

10

WHAT
WE DO
With 20 years of expertise in launching and growing clean
energy solutions, we equip entrepreneurs with the rightresources at the right time.

Our programs are tailored to the needs of aspiring and existing
entrepreneurs in countries as diverse as the United States to Uganda.
Here’s how we structure the range of support we provide:

LaunchAccelerate

These programs are designed
to inspire new clean energy
solutions and businesses.
• Technical and entrepreneurial
training• Career readiness• Bootcamps• Hackathons

These programs provide
entrepreneurs with the training,
mentorship, and networks togrow locally and internationally.
• Accelerators• Incubators• Commercial partnerships

Fund

Connect

We provide capital resources
to clean energy businesses atvarious stages of growth.
• Impact funds• Grant programs• Voucher programs• Loan programs

We run activities that connect
ecosystem players - such as
entrepreneurs, corporations,education institutions, civil society,and financial organizations - inorder to accelerate businesses andremove barriers for entrepreneurs.

We target our support to:

Entrepreneurs

These are individuals who need a little
nudge in the right direction, new skills
or be connected with networks thatbring their clean energy solution tomarket.

Startups & Businesses

These are the clean energy businesses
that often need financial support, acommercial partnership introduction, or
support to access new markets.

2023 GLOBAL IMPACT REPORT

Ecosystems

We take a holistic approach to shifting
the needle towards a just clean energy
transition. This includes convening
policymakers, the private sector,
financial institutions, academia,
and entrepreneurs around the sametable, as well as coordinating andstrengthening other entrepreneur
support organizations (ESOs). We
engage youth through career readinessand internship programs, and run
technical training programs to catalyze
a growing green workforce.

11

MEETING THE NEEDS OF
LOCAL ECOSYSTEMSNUMBER OF ENTREPRENEURS

These are the total number of entrepreneurs
our programs support from 2016 to 2023.
It shows how we tailor programs based on
the needs of entrepreneurs in that market,
across each stage of their clean energy
business or startup journey.

In countries that have a nascent or growing
clean energy startup ecosystem (suchas Indonesia or Philippines), we focus onbuilding a pipeline of aspiring entrepreneurs.
In other places where the ecosystem might
be more developed, we tailor our programs
to support entrepreneurs in early or growthstage startups.

*In Uganda, our program focuses on turning Community Based
Organisations into clean energy businesses, which is why the focus here ison early stage clean energy entrepreneurs.

2023 GLOBAL IMPACT REPORT

12

PROGRAMSPOTLIGHTS
We managed 36 programs around the world in 2023,
with each of our 11 country chapters designing them tobest meet the needs of the ecosystem within which they
operate. The following are global or regional initiatives
that leverage our existing partnerships and complement
programs we run at a country-level.

NEW ENERGY SKILLS:

We run several programs to fill technicaland entrepreneurial skills gaps, as well asbuilding a talent pipeline through “career
readiness” programs.

Career Readiness:

NexGen Vietnam

Aims to nurture and develop leaders in clean
energy, contributing to building a pipeline oftalent in Vietnam and Southeast Asia.

Youth Entrepreneurial Accelerator(YEA!)A summit and ongoing engagement with
K-16 students in Imperial County, California,
that exposes young people to social andtechnology leaders, and careers inenergy storage.

Faculty Training (Philippines)

A “train the trainers” program for educatorsthat aims to bridge the gap between traditional
approaches to energy studies and the
evolving needs of the country’s growing
renewable energy sector.

Technical Skills:

New Energy Academy

Thao Tran, Country Director at
New Energy Nexus Vietnam2023 GLOBAL IMPACT REPORTAn accelerated technical training andcertification program for solar installers andprofessionals in the Philippines. Theoreticallearning takes place online, and then offline
through local training partners acrossthe country.

SolarSTEP (Solar SMEs Training& Entrepreneurship Program)

Equips mechanics and engineers withthe skills to implement solar projects andbusinesses across rural Thailand.

Uganda Green Skills

Training for entrepreneurs in Community
Based Organizations, ranging frombootcamps, mentoring, and skills to maintainand repair clean energy access products.

Entrepreneurship Skills:

Online Startup School

An online program that helps students
and youth in Indonesia with the basics ofentrepreneurship.

Philippines Entrepreneurship 101

A hybrid offline-online series of courses
exploring energy sector basics, and theunique business models of energy startups
around the world.

Women in Climate
Entrepreneurship (WICE)

A portfolio of programs offered by New Energy
Nexus India and the Climate Collective
Foundation for early stage women-led
startups to commercialize faster.

13

PROGRAMSPOTLIGHTSNEW ENERGY FUNDING:

In addition to our local programs, we incubate
several financial products that catalyze financial
flows into climate ecosystems:

NEX Ventures

This initiative manages two funds that aim
to accelerate Southeast Asia’s transition to
net zero. The Indonesia 1 Fund is a catalytic
fund specializing in early-stage clean
energy startups that operate in Indonesia,
while NEX Catalyst is a regional investment
fund for scalable early stage climate techcompanies across Indonesia, Vietnam, and
the Philippines.

Debt financing

New Energy Nexus manages a debt facility
that supports clean energy lending in India
through cKers Finance, and is a referral
partner for the Los Angeles Cleantech
Incubator (LACI) Debt Fund.

EV Guarantee Facility

We are building a global coalition to explore
a guarantee facility that will help accelerate
consumer lending for electric two- and threewheelers in India and other emerging markets.

JUST BATTERIES:New Energy Nexus is uniquely positioned in
sectors and regions critical in the global battery
supply chain. Our Just Batteries initiative aims
to build an interconnected ecosystem to support
a more inclusive and resilient battery sector:

Supercharge Australia

Aims to boost local Lithium battery innovation,and position Australia as a critical player in the
global clean energy transition. Delivered withlocal partner EnergyLab.

Lithium Valley

We’re working with partners to seed a circular
economy centered on the advanced battery
supply chain in Inland Southern California,
with public purpose at its core.

Li-Bridge

Li-Bridge is a public-private alliancecommitted to accelerating the development ofa robust and inclusive Lithium battery supply
chain in the USA.

LGES Battery ChallengeThis program is designed to surface
innovative battery tech and business models
around the world. Delivered with battery
industry leader LG Energy Solution.

The Clean Fight

2023 GLOBAL IMPACT REPORT

Megan Fisher CEO at EnergyLab
and Danny Kennedy CEO at
New Energy Nexus. The twoorganizations are partners forSupercharge Australia.

In addition to running an energy storage
accelerator cohort in 2022, our New York
program is also part of a US$100 million
New Energy New York consortium led by
Binghamton University to advance battery
manufacturing in the state.
14

PROGRAMSPOTLIGHTS

CLIMATE FINTECH
A cohort-based accelerator for startups aroundthe world working on digital financial solutions
that decarbonize investments, and support
clean energy finance and sustainableconsumer habits.

NEX COP28 CLIMATE TECHSTARTUP ACCELERATOR
A cohort of 100 early stage startups took partin this program - the first of its kind delivered at
a COP. Over 80% of startups in the program
came from the Global South.

2023 GLOBAL IMPACT REPORTEMPIRETECHNOLOGY PRIZE
This US$10 million competition is focusedon finding groundbreaking solutions todecarbonise heating in New York’s tall buildings.
Delivered by our New York program, The Clean
Fight, and the New York State Energy Researchand Development Authority, with support from
Wells Fargo.

THIRD DERIVATIVEFounded by RMI and New Energy Nexus in
December 2020, Third Derivative (D3) rapidly
finds, funds, and scales climate tech globally.

15

OUR
IMPACT

16

OUR
IMPACT

Since 2016:
Connecting
innovation ecosystems

We measure our impact in termsof the startups, entrepreneurs,
and ecosystems we support.

Tackling
climate change

889,856

Event participants

8,826

Entrepreneurs

1,198

Startups &businesses

Creating
green jobs

Increasingenergy access

Building an equitableclean energy economy
2023 GLOBAL IMPACT REPORT

Photo: Esther Mbabazi

17

OUR IMPACTSYSTEMS CHANGE

Strategic partners

Building a more inclusive and diverse
innovation ecosystem
A critical part of our mission is developing the networks and environment that allows
clean energy innovators and businesses to thrive. The data here are an indicatorof how we are expanding and leveraging the network of people and organizationsaligned with our values to build and strengthen clean energy ecosystems.

332

326

319

2020

2022

2023

104
2019

Since 2016:

389

Stakeholder events
hosted/co-hosted

889,856

Participants in ecosystem
support programs and eventseg. Accelerating Energy Equity Summit,
COP Connect (at COP28 UAE),
Connex events.

88

Startup & businesssupport programs

127

Entrepreneurshiptraining programs
eg: bootcamps, hackathons,entrepreneurship courses andcertificate programs.

In 2023...
Government partnerships 15%

Academic partners 16%
2023

Others 11%

Other ESOs 14%

2023 GLOBAL IMPACT REPORT

34% Corporate partners

10% Investors

18

OUR IMPACTENTREPRENEURS

8,826

Entrepreneurs

Cumulatively from 2016

Inspiring more people to start clean
energy businesses
2023 DATA:

40%

2868

Women entrepreneurs
1142

27%

Traditionally
excluded communities*

Entrepreneurs
supported

Women
Entrepreneurs
supported

767
EntrepreneursfromTraditionally
excluded
communities*Traditionally excluded communities are those that have historically and systematically faced exclusionfrom basic rights, privileges, and opportunities within a society or an organization. At New Energy Nexus,
each chapter and partner has identified communities experiencing historical exclusion within the clean
energy entrepreneurship ecosystem in their respective regions and is dedicated to centring support forthese communities. These include: youth, rural communities, people of color, racial and ethnic minorities,
refugees, tribal communities, low-medium income communities, indigenous communities, geographicallydisadvantaged communities etc.

2023 GLOBAL IMPACT REPORT19

OUR IMPACT
STARTUPS & BUSINESSES
Supporting more clean energy solutions
than ever before

1,243

US$94 million(total supported through incubator,
accelerator, scale or funding
programs)(includes grants, loans,investments and vouchers)

Startups & businesses

32%

Women-led startups
in 2023(founder/co-founder/c-suite)

Startups & businesses by stages

Idea 16%

Scale 5%Distributed

US$3.7 billion
Mobilized

Growth 20%

Startups & businesses by sector
Other 5.4%

7,836

63

created by startups

for startup support programs*Net Promoter Score
Above 50 is considered excellent
according to Bain & Company

Green jobs

2023 GLOBAL IMPACT REPORT

59% Early

Average NPS*

45.6% Renewable Energy Tech

Energy for Agriculture 3.9%
Energy Finance 2.5%
Energy Access 15.4%

10.9% Built Environment
16.5% Transportation Tech

20

CASE
STUDY

AgriVijay

INDIA

AgriVijay is India’s first curated marketplace
for renewable energy products, specifically forfarmers & rural households.
AgriVijay has an ecommerce website, mobile
app, call centers, and a village/block level
franchise model known as ‘Renewable
Energy Stores’. These act as a one-stop
shop for solar, biogas, thermal, wind, andelectric products.
CO-FOUNDERS OF AGRIVIJAY SHOBHA
CHANCHLANI AND VIMAL PANJWANI.

2023 GLOBAL IMPACT REPORT“The Women in Energy programprovided us with tremendous
support in building AgriVijay as
a global agri-tech startup. We’rehonored and glad to be part of theaccelerator program, which has
helped shape us as an organization
with a vision to empower farmers
and rural households to fightclimate change.”—Shobha Chanchlani,
Co-Founder at AgriVijay

Support from
New Energy Nexus
AgriVijay was part of the Women in Energy
Entrepreneurship (WEE) program, which
supports early stage women-led startups inIndia to commercialize faster.
AgriVijay received access to masterclasses
and networking sessions and participated ina pitch event conducted by the Climate Tech
Investment Network. It also received
a grant from Climate Collective’s Climate
Pitch program.

As a result, AgriVijay has:
• Expanded its team in the states ofTelangana and Andhra Pradesh• Established 11 new renewableenergy stores• Conducted 50 product demos

21

CASE
STUDY

Electrovaya

USA/CANADAElectrovaya makes Lithium-ion batteries
with an exceptional combination of highenergy density, safety, and longevity, making
them particularly well suited to heavy use
vehicles such as electric trucks, buses, andcommercial vehicles.
The cycle-life of Electrovaya’s battery
solutions enable the possibility of one cycle
per day usage for over 20 years in stationary
energy storage or electric vehicle applications.

2023 GLOBAL IMPACT REPORT“The Clean Fight program wasan exceptional opportunity forElectrovaya to grow both in New
York State and into the stationary
energy storage sector. The cohort
experience was key in facilitating
partnerships and providing support
to kickstart our initial projects inthese spaces through an efficientand productive program.”— Raj DasGupta,
CEO at Electrovaya

Support from
New Energy Nexus
Electrovaya was a part of The Clean
Fight’s third cohort focussed on energy
storage, where it benefited from networking
opportunities, manufacturing support, grantfunding and business development. This
support resulted in the startup connectingwith suppliers that helped them scale their
manufacturing site.

After successfully identifying avenues to test
vehicle-to-grid capabilities, Electrovaya andits customer partner, Jupiter Power, wereawarded a technical assistance grant fromThe Clean Fight to engage in a feasibility
study focused on leveraging forklifts as gridassets at a manufacturing or storage site.
The feasibility study will also be utilized asa means for third-party validation with otherpartners in the electric vehicle and stationary
energy storage industries.
22

CASE
STUDY

Serina Ninsiima, from theNsinde Eco-Tourism Centre

UtopiaUGANDA

Utopia is a faith-based organization
empowering rural women entrepreneurs
through clean energy businesses andother livelihoods initiatives. They operate in
Kyenjojo District in the western regionof Uganda.
Utopia also built an eco-tourism center that
distributes clean energy to the community in
Nsinde in Kyenjojo district.

Support from
New Energy Nexus

2023 GLOBAL IMPACT REPORT“New Energy Nexus Uganda gave
us the financing and developed
our capacity to grow and scale.”— Moses Atuhaire,
Founder at Utopia

Under our ENVenture program, Utopia
received funding of US$2,000, and after
meeting key KPIs, it received growthfunding of US$3,000. It also received
training in business management,
entrepreneurship skills, and mentoring
and coaching support.

Around 25,000 people have been reachedas either customers or beneficiaries of theclean tech products sold by Utopia. Many
customers who bought solar lanterns andcookstoves have since reported improved
health outcomes.
Utopia has also created employment for 20
rural women and youth.

23

CASE
STUDY

WeCarbon

CHINA

WeCarbon is a one-stop solution provider for
net-zero emissions, ESG, and sustainability.
Its WeCarbonCloud is a trustable carbon data
platform to assist compliance, disclosure, andvalue creation in terms of green certification,
green financing, energy management, andcarbon assets.

PICTURED FROM LEFT TO RIGHTREMOCA SHI, CO-FOUNDER & EXECUTIVE PRESIDENTERIC MA, CO-FOUNDER & CTO
SHENGYIN ZHENG, CO-FOUNDER & CSO

Support from
New Energy Nexus

2023 GLOBAL IMPACT REPORT“New Energy Nexus has provided
WeCarbon with a pivotal steer tocalibrate us with China’s and global
climate markets, clients, andpolicy perspectives. By connectingwith global innovation ecosystem,
New Energy Nexus also enabled
WeCarbon to deeply engage withpeers to share our insights.”— Remoca Shi,
Co-founder at WeCarbon

WeCarbon is a part of our Climate Fintech
Accelerator Program and the NEX COP28 Climate
Tech Accelerator Program. These programs
provided networking at seminars and workshops,
connecting them to potential clients. For instance,
the founders were introduced to develop carbon
accounts for major financial institutions including
China Industrial Bank and SPD Bank. They havesince grown in size and have been more closely
engaged with the global climate tech community.

24

CASE
STUDY

Altotech

THAILAND

Altotech provides an integrated AIOT energy
management platform for building coolingand air-conditioning system management. It
automates building management all in one
place, reducing electricity cost by potentially
20-30%.
Altotech utilizes Digital Twin simulation and AI
algorithm to calculate cost saving and pay-bycost saving model for the hotel segment.

Support from
New Energy Nexus

2023 GLOBAL IMPACT REPORT“New Energy Nexus has been
instrumental to where we aretoday from ideation to expansion
nationwide. We value New Energy
Nexus’ international outreach.”— Dr.Warodom Khamphanchai,Founder of Altotech

Altotech participated in our Smart Energy
Hackathon, Smart Energy Accelerator, theDecarbonize Thailand Sandbox, as wellas the NEX COP28 Climate Tech
Startup Accelerator.

These programs provided critical support
in the startup’s ideation, prototyping,market validation and market expansion
stages. As a result, the startup grewfrom seed stage and has successfullyraised Series A funding, with expansion
plans across Thailand and international
prospects in the UAE.

25

CASE
STUDY
CALIFORNIA

Building battery
innovation ecosystems
Lithium Valley
In collaboration with local partners, we’re
helping to seed a circular economy centeredon a fully integrated advanced battery
manufacturing supply chain in Inland
Southern California, with public purpose andvalue at its core. The program focuses on the
Salton Sea region - an area often referred toas “Lithium Valley” for the lithium that can besourced from geothermal brine.

Our goal is to help build a strong publicprivate-community-tribal partnership that
includes community and environmentalorganizations, tribal nations, industry, labor,
policymakers and government agencies andto support local entrepreneurs and innovationin the region.

The Youth Entrepreneurial
Accelerator (YEA!)

2023 GLOBAL IMPACT REPORTOur YEA! Summit is the first student
focussed clean energy event of its kindin California’s Imperial Valley. Over 300
students came together in September
2023, connecting with social andtechnology leaders and gaining handson experiences to spark their interestin a clean energy career. Delivered inpartnership with the Center for Social
Innovation at UC Riverside, Imperial Valley
College, the Imperial County Workforce
Development Board, and Imperial Valley
Regional Occupational Programs.
Salton Sea, California

26

CASE
STUDY

CALIFORNIA (CONTINUED)

Li-Bridge
Li-Bridge is a public-private alliancecommitted to accelerating thedevelopment of a robust, innovative, andinclusive supply chain for Lithium based
batteries in the USA. It is convened by
the Federal Consortium for Advanced
Batteries, managed by Argonne National
Laboratory with three organizations— New
Energy Nexus, NAATBatt International,
the New York Battery and Energy Storage
Technology (NY-BEST) Consortium.

What’s next?
• Launch an interactive map for public use,
documenting the emerging domestic
supply chain for advanced batteries
and tracking high quality job creationand environmental social benefit tolocal communities.
• Publish a white paper outlining a place
based strategy for an advanced battery
and EV manufacturing supply chain withgreater public purpose and value in Inland
Southern California.
2023 GLOBAL IMPACT REPORT

Salton Sea, California• In partnership with the Torres Martinez
Desert Cahuilla Indians, we facilitateda clean energy innovation summit
for the nine Cahuilla Indian Nations,
including work with the California Energy
Commission and the California Public
Utilities Commission.

27

CASE
STUDY

Building a clean energy
ecosystem in Indonesia

INDONESIA

2023 GLOBAL IMPACT REPORTAs one of the only non-profit clean energy
accelerators in Indonesia, we’ve played acritical role in shaping the ecosystem. Since
2016, we have supported:• 85 startups through incubation andacceleration programs,• including 2000 entrepreneurs,• with an emphasis on supporting 580
women entrepreneurs, and;• 16 funding initiatives for early-stage clean
energy startups.

“We are at the heart of Indonesia’s
clean energy innovation space. Fromgaining support from the government
to engaging with local actors, we’reconnecting the dots, making sureeveryone has the knowledge andtools they need to accelerate theclean energy transition.”— Diyanto Imam,Country Director,
New Energy Nexus Indonesia

What initially began as an incubation andacceleration initiative has evolved into a
multifaceted approach. We now conduct
corporate innovation training, research
on climate investment, and provide policy
advocacy analysis. These efforts aresupported by a network of stakeholders anddonor partners.

28

CASE
STUDY

INDONESIA (CONTINUED)

Bridging the funding gap
Our Indonesia 1 Fund and Smart Energy
Grants have supported 16 startups, andmobilized US$44 million in follow-on funding
and US$26.6 million in co-investments.

Convening policymakers to
support clean energy innovators
New Energy Nexus released the firstreport in the country, based on a survey ofstartups, detailing measures the Indonesian
government could take to support its nascentclean tech startup scene. Following thelaunch in September 2023 our team hasconvened meetings with startups
and policymakers.

Event
Participants

Entrepreneurs
Supported

What’s next?
We want to extend our
impact to the eastern partof Indonesia. This strategic
expansion underscores
our dedication toaccelerating clean energy
in all regions of the country.

902

2022
2023 GLOBAL IMPACT REPORT

1306

1019
751

2023

2022

2023
29

2023
FINANCIALSCalCEF Innovations
General &administrative 20.8%

79.2% Program

Operating costs

New Energy
Nexus total

CalCEF Innovations*

CalCEF Ventures**

Program

US$10,077,68

US$1,751,223

US$11,828,904

General andadministrative

US$2,645,078

US$765,113

US$3,410,191

Total

US$12,722,760

US$2,516,336

US$15,239,096

CalCEF Ventures
General &administrative 30.4%

69.6% Program*CalCEF Innovations (501(c)3 including CalCharge)**CalCEF Ventures (501(c4), which cover only California Energy Commission
supported programs)

New Energy Nexus total
General &administrative 22.4%

77.6% Program
2023 GLOBAL IMPACT REPORT

30

OUR
PEOPLE2023 GLOBAL IMPACT REPORTBoard members

CHIA-LIN SIMMONSIAN ROGOFFJANET DALZIELLJON FOSTERJULIE BLUNDENMICHEL GELOBTER

31

StaffOUR
PEOPLE2023 GLOBAL IMPACT REPORT

32

OUR
PEOPLE2023 GLOBAL IMPACT REPORT

33

THANK YOU
2023 FUNDERS!
We’re sincerely grateful to you, our funders, foryour time and generous support in 2023! Thank you
for being part of our community and inspiring ourglobal teams to advance the clean energy transition
for all communities around the globe.

Public and Private Supporters
Abu Dhabi Investment Office (ADIO)

Mikimoto

Alec Guettel and Christy Smith

Milkywire

All the Sky Foundation

New Energy New York

Amazon Climate Pledge Fund

NYSERDA

Amber Valletta

Oak Foundation

Ant Group

Pertamina Patra Niaga

Autodesk Foundation

Salesforce

Benji and Carolyn Jasik

SED FundBoundless

ShaoTran Family Foundation

Bryan Rollins

Sichuan Energy Internet Research Institute,

California Energy Commission
Climate Finance Fund
ClimateWorks Foundation
David and Araceli Barclay Charitable Fund
Enlyst Fund
F5 Tech for Good Grant
Ford Foundation
Green Bio Energy
Growald Family Fund
Hewlett Foundation
Hub71
Ikea Foundation
LG Energy Solution

Tsinghua University
Stephen Pfieffer
The Hong Kong and China Gas Company
The Palladium Group
Three Graces Foundation
U.S. Department of Commerce
US Department of Energy
US Economic Development Authority
USAID
Venture Well
Viriya ENB
Wells Fargo Foundation
Woka Foundation

LinkedInLongi Solar

2023 GLOBAL IMPACT REPORT

34

WAYS TOGET INVOLVED
Ways to make a difference• Make a one-time contribution• Become a monthly donor• Give through a donor-advised fund

NEX Patrons Circle

NEX Champions

Launched in 2023, NEX Patrons Circle
consists of individuals who havecommitted multi-year leadership levelgifts and are transformational in helping
NEX grow, expand and advance our global
impact on the clean energy transition in
the fastest time possible.

Launched in 2023, NEX Champions is
our community of individual donors who
demonstrate their confidence in NEX
and commitment to advancing a justclean energy transition by making a threeyear donation.

Bryan Rollins, Co-Chair
Danny Kennedy, Co-Chair

Benji and Carolyn Jasik

Enlyst Fund

• Make a gift of stock• Give through your workplace• Honor friends, family or loved ones with a gift
in their name• Become a NEX Champion with a three-year
commitment• Join NEX Patron’s Circle with a leadershiplevel gift

Join NEX in 2024 to ensure a just, clean energy
transition around the globe. For more information
about ways to get involved, please contact Chief
Development Officer, Elizabeth Andrews at:
elizabeth.andrews@newenergynexus.com

2023 GLOBAL IMPACT REPORT