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| Renewable Energy Equity Fund |
| Renewable Energy Technologies are direct technologies or enabling technologies developed for the purpose of sustainably deriving energy from: |
- the sun;
- wind;
- geothermal sources;
- biomass (not derived from fossil fuels);
- mini hydro systems or micro hydro systems;
- waves, tides, the ocean, or
- any other renewable energy source approved by the Industry, Research and Development (IR&D) Board on advice from Australian Greenhouse Office (AGO).
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The objectives of the REEF program are:
- to encourage the development of companies and other incorporated bodies which are commercialising research and development in renewable energy technologies, by addressing capital and management constraints; and
- to develop fund managers with experience in the renewable energy industry.
The IR&D Board has issued Guidelines for the administration of the program which were developed in consultation with the AGO. The Guidelines provide information on the operation of the fund and which enterprises are likely to be eligible investments. |
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| Funding is provided specifically for the R&D and commercialisation of renewable energy technologies. REEF operates in the same way as other venture capital investment funds. |
| Potential Eligible Investee Companies must: |
- be commercialising renewable energy technology;
- be at the seed, start-up or early expansion stage of development;
- have a majority of employees (by number) and assets (by value) inside Australia at the time the licensed fund first invests in the enterprise; and
- have average annual revenue over the previous two years of income that does not exceed $4 million per year and revenue in either year not in excess of $5m.
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