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Potential of Cleantech sector highlighted in report released today
22 May, 2024
A new report launched today by the NZ Cleantech Mission has found that this country’s fast-growing Cleantech sector could become a high-value export earner.
Speaking at the launch of the NZ Cleantech Report at Parliament on 22 May, sustainable silica and lithium company Geo40 Limited Managing Director and CEO John Worth said that the report, which surveyed 135 companies, found the Cleantech sector showed great potential.
"This report shows the emergence of a group of New Zealand start-up companies that are developing high-value clean technology solutions that have significant potential global reach."
Mr Worth said NZ only needed to look at what is happening in the rest of the world to see the true potential of the Cleantech sector.
This sector is showing strong growth globally, with investment into Cleantech globally in 2023 reaching over US$40 billion. The International Energy Agency projects that global spending on clean energy in their ‘net zero pathway’ scenario will rise from US$1.8 trillion in 2023 to US$4.5 trillion annually by the early 2030s.
This report shows the emergence of a group of New Zealand start-up companies that are developing high-value clean technology solutions that have significant potential global reach.
John Worth Managing Director and CEO Geo40 Limited
The report identifies that with a few key changes to policy settings, NZ could be a world leader in this high value sector, based on company leaders’ opinions that NZ has top class scientific and engineering talent that support IP-rich Cleantech (and deep tech) companies.
"New Zealand has led the world in clean-technology before, for example in the 1950’s when the Crown saw the potential for renewable energy with a number of world-firsts in geothermal and hydro power generation and long-distance DC grid transmission. We can do this again, developing our key partnerships with Māori and with government entities such as Kānoa but with incredible global reach," Mr Worth said.
"We’ve already launched Cleantech companies onto the global stage that have gone on to be globally successful companies (for example Lanzatech, Allbirds, Ethique)," he said.
The report shows that the NZ Cleantech companies surveyed have raised over $535 million in private capital and, over the past two years, generated a total of $291 million in revenue.
Will Barker, CEO and co-founder of start-up E-waste recycler Mint Innovation said that New Zealand occupied a unique position in the landscape of global innovation.
“My hope is that this document serves as both a reflection on Mint Innovation’s journey so far and a roadmap for the future, encouraging a continued commitment to innovation and sustainability, and positioning New Zealand not just as a creator but also as a global leader in the clean technology arena.”
The report notes that the companies surveyed believe that NZ has the basic building blocks in place and the companies are keen to work with the Government to create a step- change in our export economy.
Dr Barker said the time is now critical for NZ to enhance the ways we support these companies as one of the major constraints on scaling up the sector was the ability to raise sufficient investment for these capital- and research-intensive companies.
"Over the past several years, we have witnessed a maturation in private investment in clean technology within our shores."
Associate Professor Natalie Plank, MacDiarmid Institute Deputy Director for Commercialisation and Industry Engagement, said that the report showed the critical need for science graduates.
"We see a constant stream of our graduates with degrees in physics and chemistry and engineering heading into the deep tech/Cleantech sector to work for start-ups and in larger NZ companies. This sector wouldn’t exist without deeply skilled science talent."
The nations that make the scientific breakthroughs and develop the IP to critical Cleantech breakthroughs, are likely to hold the key to wealth for the rest of this century.
Associate Professor Natalie Plank Deputy Director for Commercialisation and Industry Engagement The MacDiarmid Institute
She said NZ can and must be part of this sector globally.
"The nations that make the scientific breakthroughs and develop the IP to critical Cleantech breakthroughs, are likely to hold the key to wealth for the rest of this century," she said.
Mr Worth noted the potential to work more closely with Māori in the technology sector.
"We are proud to employ highly valued and skilled Māori staff in key roles including one individual who is about to head to the USA to run our new pilot, which is sustainably recovering Lithium in Texas. We have a working agreement with Ngati Tahu Tribal Lands Trust and a Tūwharetoa consortium, led by Tupu Angitu and Ōpepe Farm Trust which recently made their first investment in Cleantech, through Geo40. Cleantech resonates very strongly with Māori in their role as kaitiaki," said Mr Worth. “We know we can do much more together."
Further background
The New Zealand Cleantech Mission is led by Callaghan Innovation, in partnership with Auckland Unlimited, New Zealand Growth Capital Partners, Science for Technological Innovation National Science Challenge, Auckland UniServices, Ara Ake, KiwiNet and The MacDiarmid Institute. It is supported by New Zealand Trade and Enterprise. The mission will deliver, partner with, and advocate for initiatives to bolster NZ’s Cleantech ecosystem with commitments including:
- Developing a five-year NZ Cleantech roadmap
- Securing official resources dedicated to lifting NZ Cleantech
- Developing stronger connections between NZ Cleantech innovators and international investors, multinational corporations
- Prioritising sectors that enable NZ to focus on its high-potential niche areas, with well-timed market opportunities (such as the agriculture and energy sectors)
- Encourage greater collaboration within the NZ Cleantech ecosystem, including cross-government, focus on supporting ‘whole industries’ rather than one-on-one business support, and develop a common ‘NZ Cleantech language’.
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