The Enterprise Incubator of the University of Moratuwa has signed a startup agreement with RE24 (Pvt) Trading Ltd on 19th March 2025, a company dedicated to delivering innovative solutions in the renewable energy sector.
RE24’s core activities focus on facilitating the integration of renewable energy sources by developing corporate Power Purchase Agreements (PPAs), advancing 24/7 carbon-free energy solutions, and optimizing hourly matched renewable energy systems.
Under this agreement, the University provides RE24 with incubation space and access to relevant facilities. In return, the company will pay a defined percentage of royalty based on its net sales.
The selection of RE24 followed a rigorous evaluation process that considered their business model, milestone plan, company profile, and other key criteria , a standard practice for startups joining the University’s enterprise incubator.
The two-year agreement reflects the University’s commitment to strengthening its startup ecosystem. It not only supports alumni-led ventures but also provides valuable opportunities for undergraduates to engage as interns. This hands-on exposure fosters entrepreneurial mindsets, encourages networking, and inspires future innovators to pursue similar pathways, ultimately creating a positive impact on the university’s innovation culture.
