The energy retailer that wants to sell less

Mojo founders CEO James Myatt and CFO Darren Miller
Mojo founders CEO James Myatt and CFO Darren Miller

A new energy retailer is entering the Australian market, which is empowering consumers to reduce power usage and use more renewable energy.

Australian business Mojo Power is the world’s first energy retailer that doesn’t rely on selling more power to raise profit. Rather, it supplies electricity to its customers at cost and charges a fixed-monthly fee, allowing the company to focus on working with customers to unlock cheaper energy bills through solar, storage and energy efficiency.

The Australian Renewable Energy Agency (ARENA) and SBCVC have backed a $5 million Southern Cross Renewable Energy Fund investment into the company, to help with market-entry and business expansion activities.

If it successfully taps into the Australian market, ARENA CEO Ivor Frischknecht said Mojo Power could encourage even more households to invest in solar, which in turn will help drive down costs.

“It also has the potential to accelerate the growth of Australia’s emerging battery storage industry as consumers look for more value from their rooftop systems,” he said

“Using state-of-the-art smart metering technology, Mojo will be able to analyse customer usage data with a view to optimising energy use and demonstrating how households could benefit from renewable energy technologies.

“Customers will be readily able to access more information about their energy usage and will be better placed to take the steps needed to run smarter homes.”

The company has a license to operate in the National Electricity Market and is ready to sign up households.

“Mojo’s model is a real game changer and it will benefit those households that currently face high electricity bills. We are absolutely aligned with their primary objective, which is to pay less for the electricity they need,” Mojo founder and CEO James Myatt said.