Allume has confirmed a $10.4 million (USD 6.77 million) capital raising that will support growth plans for the Melbourne-based company’s SolShare technology, a patented system that enables the output of a single rooftop solar array to be shared across multiple homes in the same building.
“Australians have some of the highest rates of residential rooftop solar in the world, but historically it has been available exclusively to those with the luxury of owning a free-standing home, leaving those in apartments missing out,” Allume Chief Executive Officer Cameron Knox said.
“We are committed to bridging this energy disparity gap, giving everyone the opportunity to access cheaper and cleaner energy from the sun.”
Image: Allume Energy
Allume’s SolShare platform allows the energy produced by a single solar system to be distributed behind-the-meter equally, or in varying allocations, to separately metered units. The system’s algorithm ensures solar energy consumption is maximised on site before any energy is fed back to the grid. Because the technology operates entirely within the building, suppliers, network operators and metering arrangements remain unchanged.
Allume has already installed SolShare on more than 6,000 homes worldwide, generating and sharing more than 14 GWh of renewable electricity between connected homes. The company estimates that in Australia alone, harnessing rooftop solar on apartment buildings, including forecast installations, could add an extra 92 MW of power to the grid by 2030.
Knox said the latest capital injection, led by global energy giant E.ON, offers a “transformational opportunity” for Allume to build on growing demand for its technology and deepen its UK presence and expand further across Europe, where 300 million people live in low- and medium-rise apartment buildings.
“We’re seeing a huge acceleration in demand over the past couple of years,” he said. “We are currently growing at 10% per month and expect to have connected over 10,000 apartments across Australia, the UK and the US by the end of this year.”
“Our capital injection, led by EON UK, will enable us to further accelerate this growth, whilst unlocking opportunities to expand our product offerings and markets.”
E.ON UK Chief Executive Chris Norbury said the company’s investment in Allume is a step towards making the transition to clean energy more inclusive for those living in the UK.
“More than a fifth of British homes, five million, are low- and medium-rise apartment buildings with rooftop space for solar panels, but no way of directly benefiting until now,” he said.
“We see an enormous opportunity to help people to lower their energy bills and reduce their carbon emissions, making solar more useful and affordable for the many, not the few.”
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