YES Bank to Scale Up Startups in Cleantech Sector The affiliated startups will have the access to funding of USD 1 million through various investment partner
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In a bid to support clean-tech sector in India, India's fourth largest private sector bank, YES Bank has launched YES Scale Cleantech accelerator in association with Ministry of New and Renewable Energy (MNRE) to scale up startups in water management, waste management.
The accelerator is a part of YES BANK's multi-sector accelerator program - YES SCALE, which is focused on Smart City Tech, CleanTech, AgriTech, Lifesciences Tech & EduTech.
According to the press release, the accelerator will scale startups on energy efficiency, waste management & water management and take them to market in just 15 weeks. It will not just give them the access to advanced technologies but will also provide mentorship to the startups.
The affiliated startups will have the access to funding of USD 1 million through various investment partners. It will also provide pilot grant of INR 20 lakhs, in addition to mentorship to technology startups into the cleantech industry.
The grand launch of the accelerator was part of YES Bank's Annual Cleantech Conference 2018 in Mumbai. At the occasion, MD & CEO of YES BANK and Yes Bank Institutes Rana Kapoor said, "With YES SCALE, we will replicate this model across YES BANK's focus sectors like Smart Cities, Agriculture, Clean Energy, Education and Healthcare, to build deep interventions jointly with our corporate clients. This is fully in line with the bank's vision since inception, which was to cater to the 'sunrise sectors of India's economy' using knowledge banking to deliver impactful ecosystem solutions."
The event also witnessed the gala award ceremony - Renewable Energy Startup Awards. The affiliated startups presented themselves in the award ceremony. The start-up pitches included innovative solutions on smart design, smart analytics & network intelligence capabilities, IoT & blockchain based solutions, water management & operational intelligence for wind turbines & solar plants.
An Initiative to Clean & Green Environment
YES Bank's broad vision also includes the awareness of renewable energy in India.
On the occasion, YES BANK, together with YES Global Institute unveiled two knowledge publications titled "Electric Vehicles: The Colour is Green' and Renewable Energy: India's Energy Game Changer'. The former highlights a roadmap for successful transition to Electric Vehicles by establishing electric mobility infrastructure, fiscal incentives, robust market linkages and a strong regulatory framework. The Renewable Energy report underscores the potential, current trends and roadmap to drive the next wave of growth in the sector.
Shri Praveen Kumar, Additional Secretary, Ministry of New & Renewable Energy said, "Renewable Energy has been recognized as the most important weapon for clean environment. While setting the target to generate 175 GW by 2022, Govt. took a leap of faith which has been responsible for the tremendous growth in the sector. India looks well on course towards achieving the target. If industry and academia come together, solar tariffs could down even further."
The event witnessed participation from Mr. Manoj Kohli, Executive Chairman, SB energy; Prof. V. Ramgopal Rao, Director, IIT Delhi; Mr. Rakesh Kumar, Programme Director & Sr. Consultant, International Solar Alliance; and Mr. Alipt Sharma, Principal, Global Environment Fund.
