UOB to inject over $100k to greentech startups with new accelerator

United Overseas Bank (UOB) launched an accelerator program aiming to inject S$150,000 (US$108,870) into startups with environment-aiding solutions.

UOB The FinLab head Shannon Lung. / Photo credit: UOB

The Greentech Accelerator by UOB’s The FinLab will focus on greentech solutions, including energy efficiency, zero-waste supply chains, and carbon management and reporting.

For its first cohort, The FinLab will take on 10 startups and small- and medium-sized enterprises (SME) for a three-month-long program with the goal of commercializing their products to help other SMEs adopt green practices and technology.

To qualify for the program, applicants must have a Technology Readiness Level (TRL) of six and above, which refers to technology with a fully functional prototype or representational model.

The chosen companies will receive funding of up to US$108,870; training on environmental, social, and governance (ESG), and industry mentorship.

UOB’s 2022 SME Outlook Study found that 45% of SMEs surveyed believe having a sustainable core will benefit their business with multinational companies that are working towards their own sustainability goals.

“The Greentech Accelerator aims to respond to this challenge by mentoring innovative greentech solutions from around the world to offer relevant, deployable, and cutting-edge solutions to meet the ESG needs of SMEs and businesses locally and overseas,” said The FinLab head Shannon Lung.

Applications are open until July 12.

This program is a follow-up to The FinLab’s Sustainability Innovation Program that launched last year and matched over 80 SMEs to sustainability tech solutions and partners.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.38

See also: Can we have too much faith in greentech?