Allegro Energy, the inventor and developer of a proprietary water-based energy storage solution, has announced that it has closed its Series A, raising AUD$17.5 million from a range of global and local investors.
The lead global investor is The Grantham Foundation, joined by another overseas investor, Chicago-headquartered, Lightbank, known for its disruptive early stage tech investments. Australian investors include Origin Energy, Melt Ventures, and Impact Ventures.
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According to Allegro co-founder and CEO Dr Thomas Nann, the investors represent a mix of strategic and growth capital that was attracted by Allegro’s unique advantages in the fast-growing long-duration energy storage space.
“These funds will help us rapidly accelerate our manufacturing capacity,” Dr Nann said.
“We are thrilled to be among the companies to have been given global recognition by The Grantham Foundation while also successfully drawing critical local capital and strategic support from some of the leading names in the renewable energy space.”
Allegro Energy makes water-based Redox Flow Batteries (RFB) and supercapacitors that are clean, non-flammable, fully recyclable, and have no reliance on scarce materials or complex supply chains while also being at par or outperforming competing products in all key performance metrics.
At the core of both products is Allegro’s unique microemulsion electrolyte, which enables energy storage that is much less expensive and much safer than competing technology, opening up the ability to address needs at a global scale.
Melt Ventures managing partner Trent Bagnall said, “Allegro Energy’s unique technology has enormous potential to revolutionise the way we store energy. The storage of renewable energy is undoubtedly a huge challenge in the energy transition. The adoption of Allegro Energy technology will be critical to solving this challenge.”
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The Series A follows from the news last year that local utilities provider, Origin Energy, took a 5% stake in Allegro Energy.
Allegro and Origin expect to complete an 800kWh pilot redox flow storage solution at Origin’s Eraring site later this year.
