14 December 2023
ASB is accelerating New Zealand's clean tech sector with a new fund that makes it easier for early-stage companies to access capital.
The Clean Tech Fund will provide lending of up to $5 million for businesses focused on technology or processes that have a direct and measurable impact on emissions or that improve the use of natural resources that have an application across the wider economy.
"We are excited to be at the forefront of clean tech innovation and proud to support Aotearoa's transition to a more sustainable future. The Clean Tech Fund offers options to clean tech businesses that might not be able to secure traditional bank funding. For example, many of these promising companies may not be profitable yet. We look forward to working with innovative companies who are on a mission to shape our future," says Jonathan Oram, ASB's Executive General Manager for Corporate Banking.
New Zealand has a developing clean tech ecosystem of around 400 companies. The industry has the potential to become a high-value export sector, providing solutions to global challenges. However, due to its innovative nature, the industry is largely made up of early-stage companies that need significant capital to enable development.
"Access to capital at the right time can make or break these early-stage companies. We want to back innovators to grow their businesses while maintaining ownership and control. The clean tech industry will be so critical to our zero-carbon, climate-resilient future and we want to see New Zealand benefit from the opportunity this presents."
ASB's Clean Tech Fund will support businesses to develop or scale in areas such as renewable energy generation, new low-carbon transport or materials for construction and industrial processes, technology to reduce waste and pollution, carbon sequestration, reduce farm emissions or protect the natural environment.