Allegro Energy, an Australian redox movement battery developer, goals to “quickly speed up” its manufacturing capability after closing an AUD 17.5 million ($11.6 million) funding spherical that attracted main home and worldwide buyers. who’re buyers.
From pv journal Australia
Australian battery storage startup Allegro Energy has introduced the completion of an AUD 17.5 million Series A funding spherical led by US-based enterprise capitalist The Grantham Foundation and Australian power main Origin Energy.
Allegro Energy Chief Executive Officer Thomas Nann mentioned the funding spherical, which additionally included Australian buyers Melt Ventures and Impact Ventures, and US group Lightbank, offered the corporate with strategic capital and development.
“These funds will assist us quickly speed up our manufacturing capability,” Nann mentioned. “We are delighted to be one of many corporations awarded world recognition by The Grantham Foundation whereas additionally efficiently securing crucial native capital and strategic assist from a number of the main names within the renewable power area .”
Allegro Energy manufactures water-based redox movement batteries and supercapacitors that it says are “non-flammable, totally recyclable, and don’t depend on scarce supplies or advanced provide chains.”
At the core of each merchandise is Allegro Energy’s microemulsion electrolyte that it says overcomes the voltage limitations that usually hinder water-based options, giving it a bonus within the massive, long-term storage market. of power.
“This allows power storage to be cheaper and safer than competing applied sciences, opening up the flexibility to satisfy world wants,” the corporate mentioned.
Sam Lefkofsky of the Grantham Foundation mentioned Allegro Energy’s expertise has the potential to revolutionize long-term power storage.
“We welcome the chance to assist this revolutionary expertise that we consider is poised to vary the dialog about clear storage and result in an accelerated adoption of cheaper, cleaner and extra considerable power,” he mentioned.
For Origin Energy, participation on this spherical of funding follows its funding final 12 months wherein it acquired a 5% stake within the firm together with an settlement to construct a pilot redox movement battery on the Eraring energy station web site in New South Wales Hunter Valley.
The pilot battery will initially have a dimension of 100 kW/800 kWh however Origin Energy has plans to extend its capability to five MW with 12 hours (60 MWh) of power storage capability. The first section of the challenge is predicted to be accomplished later this 12 months.
This content material is protected by copyright and might not be reused. If you need to cooperate with us and need to reuse a few of our content material, please contact: editors@pv-magazine.com.
Popular content material
