Formbay, one of Australia’s leading providers of clean energy installation compliance and validation services, has announced a strategic investment in Diagno Energy, the company behind a cloud-based diagnostics platform designed to optimise solar and battery performance and maintenance.
Aimed at the residential, commercial and industrial (C&I), and small utility-scale markets, the Diagno platform collects data by connecting to smart energy devices such as solar inverters, battery systems, electric vehicle chargers and power meters. The cloud-based platform then applies statistical analysis and machine-learning models to extract insights intended to help stakeholders maximise asset performance and reduce risk.
“In short, Diagno is the unified intelligence and data layer that is currently missing from the ‘electrify everything’ transition,” Diagno Chief Executive Officer Chris Martell said. “As distributed energy resources become increasingly critical to grid stability, energy markets, and decarbonisation targets, platforms like Diagno will play an essential role in ensuring these systems remain safe, reliable, and financially effective over the long term.”
Australia has one of the most sophisticated rooftop and commercial solar markets in the world and basic monitoring of systems has become commonplace but Martell said true diagnostic capabilities such as identifying specific faults, quantifying financial impacts, and prioritising maintenance remain rare.
“We believe the energy transition is creating an enormous installed base of distributed energy assets that currently lack consistent operational oversight once commissioning is complete,” he said.
“Diagno was created to bridge that gap by providing continuous intelligence, risk awareness, and actionable insights throughout the operational life of the asset.”
Martell said among the biggest trends observed by Diagno is that energy system underperformance and safety risks are both widespread and often underappreciated.
“Regardless of customer type or sophistication, issues exist almost everywhere,” he said. “Approximately 50% of systems exhibit detectable faults, around 30% experience communications or visibility issues, and roughly 15% contain serious faults that either significantly compromise performance or create safety concerns.”
The Diagno platform is already managing a portfolio of more than 300 MWp and more than 5,000 connected devices across Australia but the company is aiming to have more than 1 GW under management before the end of the calendar year and expand into five countries with more than one million users by the end of 2027.
The platform has been built around a generalised and hardware-agnostic model that Martell said is fit for purpose for virtually any distributed energy system that makes use of OEM cloud monitoring and connected energy devices.
For Formbay, its investment in Diagno represents a commitment to the next generation of verification infrastructure, expanding beyond compliance workflows into real-time performance monitoring and system intelligence.
“This investment is about backing technology and people committed to solving genuine safety and reliability issues,” Formbay founder and CEO Daniel Sullivan said. “Verification doesn’t end at installation and the infrastructure to support reliability, performance and safety over time needs both technology and capital behind it.”
Sullivan said Formbay’s investment will help accelerate the development of the Diagno platform, expand industry integrations, strengthen analytics and telemetry capabilities, and support broader deployment across the clean energy sector.
“As the clean energy industry scales, we believe infrastructure around verification, monitoring, and compliance will become increasingly important,” he said, adding “Formbay’s investment will support Diagno’s continued growth across distributed energy monitoring, operational intelligence, and verification capabilities.”
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