Queensland-based EcoJoule Energy, which specialises in developing and commercialising solutions for managing renewable energy integration, has secured $15 million (USD 9.5 million) in a round led by fund management heavyweights Ellerston Capital and Fifth Estate Asset Management.
EcoJoule said the capital will be used to fund its national and international expansion strategy and will also support the rollout of its “globally unique” technology solutions that address the challenges posed to the grid by increasing solar adoption.
The Brisbane-headquartered company’s technology platforms include the pole-mounted EcoStore battery energy storage units that are capable of intelligently charging and discharging to help manage solar generation, and the EcoVAR static compensator that utilises power electronics and software to correct grid voltages.
The technology is already being deployed at scale by multiple customers including Victorian electricity network company AusNet Services, Queensland energy company Energex, and New South Wales electricity network operators Endeavour Energy, Essential Energy, and Ausgrid.
EcoJoule founder and Chief Executive Officer Mike Wishart said the company’s pole-mounted energy storage units and voltage regulation devices are capable of helping integrate more renewables into the grid while allowing network operators to avoid the need to invest significant capital in major upgrades to the grid.
“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, and it is a significant issue for distribution network service providers,” he said.
“We’re helping utilities manage the shift from a one-way electricity system to a dynamic, decentralised grid where rooftop solar and other decentralised low carbon technology equipment such as EV (electric vehicle) chargers become major factors.”
Wishart said the capital injection, EcoJoule’s first external investment, is a significant milestone for the company and would help to accelerate its growth strategy.
“Ellerston understands our vision and brings valuable long-term investment expertise to the table,” he said. “Their support will help us capitalise on the enormous opportunity presented by the global energy transition.”
“We’re a proud Queensland business, but our ambitions are global. In the next few years, we aim to expand internationally where we see major opportunities in the UK, Europe, Southeast Asia, and South America.”
Ellerston Capital investment partner Mark Paton said the increasing demand for grid stability solutions as the take-up of solar accelerates provides an exciting opportunity for rapid growth.
“Australia’s energy grid, and grids around the world, are under immense pressure as the transition to renewables gathers pace,” he said. “EcoJoule’s technology provides a cost-effective solution for electricity distributors. We are confident that the company will be able to achieve its aggressive growth goals over coming years and become a globally significant player in managing the transition to renewables.”
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Congratulations Mike and team on this step towards making “renewables enabled grids” a reality. Essential Energy used that term many years ago, way ahead of their time, in the days when Leith Elder was working with Dale Butler – astounding foresight on their part considering that this was 20 years ago, and well overdue to call this out and recognise their pioneering work. Wishing you well in approaching international markets.