The $31 million Greenhouse climate tech hub has opened in Sydney’s newest skyscraper, Salesforce Tower.
Four years in the making – the Covid pandemic slowed its opening by two years – Greenhouse has been backed by the City of Sydney with $31 million in funding, and is being run as a subsidiary of early-stage venture capital firm Investible for the next decade.
Investible cofounder Creel Price is Greenhouse CEO. The VC launched the $100 million Investible climate tech fund in 2019.
Greenhouse spans the first three floors and 3,800 square metres of the 57-storey Salesforce Tower at 180 George Street. The vast majority of the city council’s funding goes towards subsidising affordable office space for climate tech startups and scaleups to 2033.
Already 20 startups, VCs and other climate tech businesses are calling Greenhouse home, across 11 sectors of climate tech, from biosphere (land use, forestation, oceans and coastlines) to renewable energy and circular economy.including the Clean Energy Council, climate tech VC Virescent Ventures, market research firm Alternative Proteins and carbon capture agtech Loam Bio, which raised $105 million in Series B in early 2023.
More than 50 companies have applied to be part of the hub and will move in over the coming months. It has capacity for up to 400 people.
Creel Price, who joked at the launch that he didn’t have grey hair before the project began, said it was thrilling to finally see Greenhouse open for business.
“The vision for the Greenhouse Tech Hub started in 2019 when we recognised the need to support the emerging founders and technologies that would make the biggest impact on reducing emissions,” he said.
“We knew these deep tech companies would have the biggest impact if we developed a strong community of like-minded peers, investors, and supporters together with warm introductions to corporates and governments across the globe.”
City of Sydney Lord Mayor Clover Moore said Sydney leads many other governments with ambitious targets and policies, advocacy, and international partnerships to address climate change.
“Greenhouse establishes Sydney as the epicentre for climate action. A city where ideas and innovations can be realised,” she said.
“The hub will not only strengthen businesses in this city, but help the world achieve net zero emissions. This is good for the planet, and very good for business in this city.”
By 2033, Greenhouse aims to have contributed to 10% of Australia’s total emissions reduction targets, through its work with climate technology companies and corporates. That would reduce at least 22 million megatonnes of greenhouse gas emissions per annum .
Loam Bio chief of staff, Jaime Painter said that while the biotech is headquartered in Orange, 260km west of Sydney, it has teams and labs on 3 continents.
“Greenhouse was the ideal choice for our Sydney base, where we can come together as part of a diverse group of startups, companies and individuals working to address the climate crisis,” he said.
More at greenhouse.tech.