The City of Sydney has contributed $29 million to support the Greenhouse Climate Tech Hub being rolled out in the Sydney CBD.
To be located in the new Salesforce Tower on George St in Circular Quay, the Climate Tech Hub will open in July and is seeking expressions of interest from firms working on climate tech solutions to accelerate the transition to a zero-carbon world. Fifty climate tech companies have already expressed interest in being based out of the hub, Greenhouse said in a statement.
The City of Sydney’s contribution involves $7 million to fit out the hub and $22 million in rent abatement over the next 10 years. When complete, the hub’s total capacity will be to house 500 “ecopreneurs” across three floors of the building, which includes event and meeting spaces and a recording studio.
These will include VC firms Taronga Ventures and the Investible Climate Tech Fund, according to Greenhouse.
The Salesforce building has a 5.5-star NABERS Energy rating, a 6-star Green Design from the Green Building Council of Australia and WELL core and shell Platinum pre-certification.
“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,” the company said.
“In this focused and collaborative environment, we can turbocharge the solutions capable of amplified, meaningful, and lasting impact.
“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, but they will also 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.”
Interested climate tech businesses can apply to reside at the hub.