One of Australia’s most ambitious climate action ecosystem, Greenhouse has been granted $29 million from the City of Sydney to support the opening of the Greenhouse Climate Tech Hub across three floors of the iconic new Salesforce Tower in Circular Quay, Sydney.
What is the mission behind the Greenhouse tech hub?
Applications for membership to the Greenhouse Climate Tech Hub (which will open its doors in July) are open to anyone aspiring to accelerate the transition to a zero carbon world by building and scaling climate tech solutions, with over 50 climate tech companies already expressing interest. The City of Sydney’s $29m total contribution comprises $7m towards the fit out of the Hub, and a $22m in negotiated rent abatement over 10 years to 2033.
By 2033, Greenhouse aims to have contributed to 10% of Australia’s total emissions reduction targets, through its work with climate tech firms and corporates. Achieving this would remove about 22 million megatonnes of greenhouse gas emissions per annum.
The Tech Hub is an epicentre of climate action in Sydney capable of supporting up to 500 ‘ecopreneurs’ across three floors of the Salesforce building, offering top facilities like event and collaboration spaces, office suites, meeting rooms, desks, and a recording studio.
The Tech Hub will also deliver programs and foster connection, collaboration, and co-innovation between startups, investors, govt agencies, climate action groups, researchers, and climate-aligned corporations. This includes housing a number of VCs and angel investors investing in climate, such as Taronga Ventures and the Investible Climate Tech Fund.
Where will the tech hub be located?
It will be operated by Aussie flexible workspace provider CreativeCubes, a leader in creating engaging spaces. Residents will be able to enjoy visitor access to five other CreativeCubes co-working locations across Australia as part of their membership to the Tech Hub.
The Salesforce building is located in what will be one of the most desirable locations for businesses in Australia, featuring the first new public plaza on George Street in over 50 years and the City of Sydney’s first public cycling facility. It is also one of the greenest buildings in Australia, with a 5.5 star NABERS Energy rating, a Green Building Council of Australia 6-Star Green Design and As-Built rating, and WELL core and shell Platinum pre-certification.
What does the funding mean for City of Sydney?
This means companies located in this building can begin their decarbonisation journey from the get-go. The $29m “accommodation grant” is part of the City of Sydney’s Tech Startups Action Plan, which aims to address the needs of tech startups and create the infrastructure and ecosystems to foster innovation according to City of Sydney Lord Mayor, Clover Moore.
Clover Moore, Lord Mayor of the City of Sydney, said: “The innovation space in Salesforce Tower will be a hub for climate tech startups and scaleups – a cost-effective office space that will enable emerging firms to expand into global markets. Sydney has a global reputation for innovation and entrepreneurship and has the highest concentration of startups in Australia.”
“Businesses joining the tech hub will not only have the opportunity to accelerate their growth, they will be part of an industry that is set to play a critical role in the continued growth and economic success of wider Sydney and our national economy,” Clover Moore further said.
What does the funding mean for Greenhouse?
Mark Rowland, Chief Collaboration Officer of Greenhouse, said: “Climate change is the largest global challenge of our time. We must accelerate the adoption of tech that transition us to a zero carbon world if we are to have any chance of minimising environmental destruction.”
“Initiatives that help climate tech startups flourish and scale can be far more effective and impactful when launched and grown within an ecosystem of supporters, customers, and investors, all in close proximity. That is why we are excited to launch the Greenhouse Climate Tech Hub and foster entrepreneurship, collaboration, and co-innovation in a dedicated ecosystem, with the incredible support of the City of Sydney,” Mark Rowland further said.
“In this collaborative environment, we can turbocharge the solutions capable of amplified and lasting impact. This explains why we’ve received significant interest in the Climate Tech Hub from dozens of climate tech firms, climate action groups, and climate tech investors.”
To register to become a resident of the Climate Tech Hub, visit the website.