Energy technology start-up GreenSync has raised $11.5 million in a Series B funding round, led by Australian Government-owned Clean Energy Finance Corporation (CEFC) through the Clean Energy Innovation Fund.
As part of GreenSync’s $11.5 million Series B capital raising, the Clean Energy Innovation Fund, which draws on the combined skills and experience of the CEFC, and the Australian Renewable Energy Agency (ARENA) committed $5 million.
Southern Cross Venture Partners, a joint venture between ARENA and Softbank China Venture Capital, committed a further $5 million, with the remaining capital provided by a private fund.
The capital raise is timely for GreenSync, which will use the funds to further develop its innovative energy-tech product suite for the Australian market and to expand its technology offerings to new shores.
“As the Australian energy system undergoes unprecedented change towards decentralised energy, the power of renewable and storage technologies will need to be harnessed in new ways,” founder and CEO of GreenSync Dr Phil Blythe said.
“Our transformation from a company offering peak demand management services, to a company offering broad spectrum control and optimisation of grids with energy resources and battery storage, is reflective of the rapid changes underway in Australia and around the world.
“As we move towards a new era where energy storage and digital control are essential to maintain stable grids, GreenSync will stay focused on innovations that harness the collective strength of all industry players, and deliver substantially new models for operating grids around the globe.”
Investment developer director of the Clean Energy Finance Corporation Blair Pritchard said the investment will assist the transition of the Australian energy market from the current centralised model, to a decentralised model.
The Series B funding provides a significant boost in meeting GreenSync’s vision to lead electricity markets into the next generation — where 80 per cent of energy consumed is sourced from renewables.
The company recently partnered with United Energy to deliver a landmark new approach to managing peak electricity demand in Victoria’s Mornington Peninsula.
The project will support the use of locally generated renewable energy sources by households and businesses in the area, without the need for heavy investment from the local energy provider, United Energy.