Sunverge picks up $36.5m investment, ARENA participates as backer

Share

Sunverge, a developer of energy storage systems for distributed markets such as rooftop solar, has secured Series C funding to the value of $36.5 million, with the Australain Renewable Energy Agency (ARENA) one of the key backers.

Joining Australia’s largest publicly traded energy retailer AGL Energy, ARENA lends an antipodean air to the group of investors backing Sunverge’s growth plans. The other investors are Siemens Venture Capital; Total Energy Ventures International, and SBCVC.

For AGL, the financial backing offered to Sunverge builds on a separate, commercial agreement whereby AGL is the exclusive channel partner for the sale of Sunverge’s intelligent energy storage systems in Australia. ARENA’s support merely adds further credence to Sunverge’s technology, and serves to strengthen Australia’s growing solar+storage sector, which is already one of the largest in the world.

"Our partnership will allow us to better meet the needs of our customers in a carbon-constrained energy future, which is increasingly based on decentralized products and services, including digital metering, solar PV systems, as well as new technologies such as batteries, electric vehicles and other ‘beyond the meter' energy solutions," said AGL MD and CEO Andy Vesey.

The CEO added that Sunverge’s technology is ideal for demand response and other applications, and is thus perfectly suited to meeting the needs of a typical Australian consumer.

The Sunverge Solar Integrated System (SIS), released this summer, is – the company claims – a streamlined upgrade of its typical storage systems, with more battery options that enable homeowners and utilities to automatically execute demand response programs, link to "virtual power plants" or simply self-consume.

This automatic and efficient approach to intelligent storage cuts across the perceived cost constraints and shortcomings of typical storage solutions, Sunverge adds, and with the latest round of financing the California-based company is hoping to accelerate its expansion into the Australian market and farther afield.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Elastocalorics could replace heat pumps, air conditioning systems

16 July 2024 Elastocalorics have the potential to replace current air conditioning and heating systems, offering significant energy savings when paired with techno...

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.