New TotalEnergies scheme will help fund green startups

French oil giant TotalEnergies is due to set up a programme to provide funding and support for new renewable energy startups in the hopes of increasing the adoption of greener tech.

Billed as a "startup accelerator" programme, the TotalEnergies On scheme will be based out of the Station F campus in Paris, which will also house any of the startups that come under the company's wing.

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The project's end goal will be to provide new opportunities and technologies for the electricity sector, be it for renewable production, storage, decentralized energy management, trading, sales, or electric mobility.

Companies that fall under the programme will have the amenities of Station F at their disposal, "at least six months" of support from market experts and access to TotalEnergies resources to help the startups grow and expand.

Once their six-month period is over, TotalEnergies will then acquire equity stakes in these startups.

“TotalEnergies is transforming by developing its activities in the electricity and renewables value chain", TotalEnergies CEO Patrick Pouyanné said in a statement. 

"We believe in the importance of innovation in this field for driving our future growth, so TotalEnergies is moving to support the development of the most promising start-ups in the sector and create an electric and digital ecosystem".

TotalEnergies has pledged to become net-zero by 2050, putting it in line with France's national framework. However, there has been concern that fossil fuel giants have been slow to adopt greener energy.

Having all of the companies under one roof will not only increase ease of communication for the oil giant, but could also present opportunities for them to easily shared ideas amongst themselves.

Station F offers communal and private working space and it looks not unlike a large shopping centre. The station was constructed on a former rail freight depot.

It has the facilities to support around 1,000 startups, its founders claim. Outside of TotalEnergies, other corporate partners for the complex include tech giants Google, Facebook and Microsoft, video game developer Ubisoft, and defence company Thales.

“We’re seeing real awareness across the start-up ecosystem, with more and more start-ups and large corporations wanting to make a positive impact on society and our daily lives", Station F Director Roxanne Varza said in a statement.

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“We are delighted to welcome TotalEnergies for the first-ever program dedicated to energy transformation at Station F, which will bring together and accelerate start-ups in this field, and spotlight electricity businesses on the campus".

The first wave of funding will kick off in May 2022.

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