A Queensland renewable vitality tech firm has taken on its first exterior funding, banking $15 million in a spherical led by Ellerston Capital’s Industrial Development Fund and Fifth Property Asset Administration.
The increase for EcoJoule Vitality, which supplies options for managing renewable vitality integration, can be used for worldwide enlargement, in addition to a nationwide roll out.
EcoJoule’s renewable vitality administration options embrace pole-mounted neighborhood vitality storage models, which retailer extra photo voltaic vitality for later use, and voltage regulation units that assist distribution networks handle fluctuating energy ranges.
The Brisbane-based firm has round 20 workers with prospects resembling Endeavour Vitality, Important Vitality, Ausgrid and AusNet Companies.
Founder and CEO Dr Mike Wishart stated the increase represents a big milestone for the corporate.
“Ellerston understands our imaginative and prescient and brings priceless long-term funding experience to the desk,” he stated. “Their assist will assist us capitalise on the big alternative offered by the worldwide vitality transition.”
The corporate plans to broaden into international markets, together with the UK, Europe, Southeast Asia, and South America.
Wishart stated EcoJoule’s know-how is globally distinctive, backed by a worldwide patent, and cuts prices for vitality infrastructure suppliers.
“We’re serving to utilities handle the shift from a one-way electrical energy system to a dynamic, decentralised grid the place rooftop photo voltaic and different decentralised low carbon know-how gear resembling EV chargers grow to be main components,” he stated.
“As renewables, notably family photo voltaic, grow to be extra prevalent, our vitality grids grow to be extra unstable, which is a big problem for distribution community service suppliers. Our know-how supplies a cheap different to main grid upgrades.”
There at the moment are round 4 million rooftop photo voltaic installations working in Australia, with an additional 300,000 new methods put in yearly.
Ellerston Capital funding companion Mark Paton highlighted the potential for speedy development, given the rising demand for grid stability options.
“Australia’s vitality grid, and grids worldwide, are beneath immense strain because the transition to renewables accelerates,” he stated.
“EcoJoule’s know-how supplies a cheap answer for electrical energy distributors, delivering actual value financial savings for on a regular basis shoppers.”
