ACME to invest Rs 500 crore to support entrepreneurs in energy tech
ACME, India’s leading energy technology firm, plans to invest Rs 500 crore over the next five years to support entrepreneurs with innovative solutions.
In addition to a budget of Rs 50 crore earmarked for funding ideas over next six months, the initiative entails providing innovators with office space, project mentoring and legal as well as marketing support.
“We’re doing road shows in institutions like IITs, IIMs and other regional engineering colleges to make people aware of this initiative. Partnering these entrepreneurs is part of ACME’s business plan to grow inorganically,” said Gursharan Jassal, lead at the Idea Factory.
According to Jassal, the company estimates 50 per cent success in its ventures and tenfold to 15 times growth in the successful ventures in the next three-four years.
Gurgaon-based ACME provides technology for infrastructure development for sectors such as defence, renewable energy generation, telecom, and water and waste water management. It started with revenues of Rs 30 crore in 2003, which grew to Rs 2,200 crore by 2009. The company refused to divulge current revenue figures.
The company has a solar portfolio of 883 megawatt and intends to take it to 1.2 gigawatt (or 1,200 megawatt) by 2016. The current net worth of its solar business is Rs 1,500 crore.
Idea Factory, the brainchild of ACME founder and chairman Manoj Kumar Upadhyay, aims to promote talent and encourage innovation across the country by taking business ideas from the drawing board to the marketplace.
Upadhyay himself is an entrepreneur and innovator with five patents to his name and applications for 25 more awaiting clearance.
“Idea Factory believes in the spirit of collaboration and aims to advance entrepreneurship following a partnership approach. The vision is to create an ideal environment for entrepreneurial growth, help build successful businesses and uplift the talent pool of the country,” he said.
ACME seeks ideas and projects which apply technologies across sectors such as energy, telecom, real estate and architecture. The project is open to all people of any age group irrespective of their qualification or profession. Entries will be accepted from both individuals and teams.