Connect with us

Hi, what are you looking for?

CleanTechnica

Batteries

ARENA Fund Invests $6.3 Million In California Battery Storage Start-Up

Originally published by RenewEconomy

The venture capital fund managed by the Australian Renewable Energy Agency has invested $6.3 million in a US-based battery storage start-up with big plans for the battery storage market in Australia.

Southern Cross Ventures was one of a number of high profile investment funds – including Kleiner Perkins, the biggest invetor in clean-tech and the investment arm of Samsung – to invest in California-based SinoEV, also known as Octillion Power Systems in Australia.

sinoevSinoEV started off a a power-train specialist for electric vehicles, but is expanding into EV batteries and now stationary storage. Its manufacturing base is in China, where it supplies batteries to that country’s second biggest EV manufacturer, JAC Motors, and its battery management system and software technology is also being used in ground-breaking peak-shaving battery storage installations from Stem in California.

ARENA CEO Ivor Frischknecht said the investment would help Octillion – based in Brisbane and headed by Steven McCrae – to develop advanced lithium-ion battery storage solutions for the Australian and south-east Asia markets.

“Reliable, cost-effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” Frischknecht said in a statement.

SinoEV has developed a “honeycomb” battery storage solution that can be installed in different size and space configurations, and Octillion will work with research institutions to further develop the technology for Australia and South East Asia’s needs. T

“The investment joins a range of ARENA supported projects aimed at increasing industry knowledge and reducing costs and barriers to developing and deploying battery technologies in Australia,” Frischknecht said.

McRae said the investment would allow Octillion to deliver a tailored product across multiple applications using SinoEV’s advanced battery technology as a core building block.

“Octillion will combine a cost competitive supply chain with world-class research and development to deliver products relevant to the Australian market and broader international markets,” McRae said.

McRae says Octillion Australia will have two responsibilities – developing sales and business development in Australia, the Pacific and south-east Asia, and creating a centre of excellence for engineering work on battery storage.

He sees potential in residential and off-grid market in Australia, and particularly in the EV market in south-east Asia. He says that the Octillion technology will be competitive with Tesla products. “The price points they have put out there are achievable,” he told RenewEconomy.

 

 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

is the founding editor of RenewEconomy.com.au, an Australian-based website that provides news and analysis on cleantech, carbon, and climate issues. Giles is based in Sydney and is watching the (slow, but quickening) transformation of Australia's energy grid with great interest.

Comments

You May Also Like

Clean Transport

One of the biggest challenges with the transition to electric vehicles is making the transition as equitable as possible. As with most new tech,...

Buildings

Heat pumps, hot water heaters, and virtual power plants will do some serious generation-shifting on their own, with or without the Clean Power Plan...

Clean Power

California recently launched a first-in-the-nation initiative to spur growth in rooftop solar and reduce consumer costs by cutting red tape that impedes solar installations....

Clean Transport

One of the biggest challenges in designing an EV is the limited battery capacity, and until relatively recently, it has kept most EVs on...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.