Published on February 12th, 2016 | by Joshua S Hill1
Million-Dollar Investment Gives Australia’s Battery Storage A Big Boost
February 12th, 2016 by Joshua S Hill
Australia’s battery storage industry has received a big boost after Sunverge Energy’s world leading technology received an investment of USD$36.5 million.
Sunverge Energy, a global leader in intelligent storage and distributed energy resource management, closed a USD$36.5 million Series C round of financing from new investor AGL Energy Ltd, Australia’s largest publicly traded energy retailer (AGL). AGL joins current investors in Sunverge Energy, the Australian Renewable Energy Agency (ARENA), SBCVC, Siemens Venture Capital, and Total Energy Ventures International.
The investment includes a USD$20 million commitment from AGL which ARENA CEO Ivor Frischknecht says will help “to bring new residential storage technology to the Australian market.”
“This new investment will build on more than USD $7 million that ARENA and SBCVC have already invested through the Southern Cross Renewable Energy (SXRE) Fund to help Sunverge establish operations in Australia and overcome barriers to the widespread deployment of storage systems,” Frischknecht added.
Sunverge also took the time to announce its new “next generation energy storage system,” the next generation of its Solar Integration System (SIS), which offers customers a “cost-effective package of more battery options and a streamlined design with even more system intelligence than the original SIS.”
“These changes are based on feedback from utility customers and solar power providers around the globe who requested more battery and hardware solutions to meet the diverse needs of their customers,” said Ken Munson, co-founder and CEO of Sunverge Energy. “Our newest Solar Integration System gives utilities and solar providers more options for linking multiple systems into a virtual power plant to shift peak load and provide other benefits to the homeowner and grid.”
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