ASB is spearheading the advancement of New Zealand's clean tech sector through a newly introduced Clean Tech Fund, streamlining capital access for early-stage companies. The fund offers up to $5 million in lending to businesses focusing on emissions-reducing technologies or processes with broader applications in natural resource efficiency.
Jonathan Oram, ASB's Executive General Manager for Corporate Banking, expressed pride in supporting clean tech innovation and fostering Aotearoa's shift towards sustainability. The Clean Tech Fund addresses the funding challenges faced by many promising but not yet profitable companies in securing traditional bank support. Oram looks forward to collaborating with forward-thinking companies committed to shaping a sustainable future.
New Zealand's clean tech sector, housing around 400 developing companies, holds the potential to become a high-value export industry addressing global challenges. However, being predominantly comprised of early-stage firms, this innovative sector requires substantial capital for development.
Recognizing the pivotal role of timely capital access for early-stage companies, ASB aims to support innovators in growing their businesses while retaining ownership and control. The clean tech industry is vital for achieving a zero-carbon, climate-resilient future, presenting a unique opportunity for New Zealand.
ASB's Clean Tech Fund will aid businesses involved in renewable energy, low-carbon transport, industrial materials, waste reduction, pollution control, carbon sequestration, farm emission reduction, and environmental protection.
