Enosi’s investors now include one of Australia’s largest property developers, ASX-listed ReNu Energy, clean tech incubator and advisory firm Energy Estate, Artesian Clean Energy Seed Fund and a group of passionate impact investors keen to get involved in this rapidly growing space.
Enosi’s flagship product is Powertracer, the world’s first grid-scale renewable trading and tracing solution. The platform allows organisations and individuals to trace their renewable energy mix 24/7 by providing full traceability so that consumers can see exactly where their energy is generated.
“We are grateful to see the support of new investors as well as original investors as we close this round. The momentum is clearly building that will support the benefits of transparency and traceability that Powertracer can bring to our collective efforts against climate change,” Enosi CEO Steve Hoy, a former global smart grid systems lead at IBM, said.
“Real-time traceability is a new class of ‘energy as a service’ technology and Enosi’s market leading technology is a good fit for the company’s renewable and clean energy incubator/accelerator strategy,” ReNu Energy’s CEO Greg Watson said.
The momentum toward 24/7 carbon-free energy has accelerated markedly over 2021 with Google and other major companies moving from a focus on Net Zero to what Enosi calls True Zero. In recent weeks, the United Nations has launched a ’24/7 Carbon-free Energy Compact’ intended to accelerate decarbonisation of the electricity grid, underscoring the need for grid-scale traceability technologies like Enosi’s Powertracer.
“The technology hasn’t yet shown its full potential, but we welcome the strategic support this investment brings us and the endorsement of our business model,” Hoy said.
Hoy noted that Enosi was looking forward to participating in cleantech industry and research programs both here and abroad to help the technology to fully realise its promise.
Enosi has signed deals with five Australian electricity retailers to integrate the Powertracer software into their metering and billing systems , allowing their customers to trace energy from source-to-socket, with discussions currently underway with several other retailers.
“The momentum that Enosi and its technology Powertracer has demonstrated has been remarkable,” said Vincent Dwyer, principal at Energy Estate, an early investor in Enosi.
“But what is even more important is that this momentum is dovetailing with a global awakening to the need for grid-scale traceability that can unlock the true value of renewable energy. Global green hydrogen markets for instance will demand this kind of proof that products are created with 100% renewables.”
According to those familiar with the technology, the platform takes the guesswork out of tracking energy use by precisely matching every unit of energy consumed with a unit of energy that is generated at the same time. Enosi’s software uses cryptographic validation technology to verify the trading process and reveal the true renewable content of the energy purchased.
“As well as allowing retailers to match customer energy use to actual sources of energy generation, the Powertracer technology can unlock clean energy for more users in many different ways, including new ways we believe the market will continue to discover,” Hoy said.
“For example, blinds manufacturer Hunter Douglas is using the tracing technology to share its surplus cheap solar energy generated on its factory roof with its staff in a deal enabled by Enosi’s contract with Simply Energy. Other consumers will soon be able to access wholesale renewable energy from wind and solar farms using Powertracer.”
Enosi aims to strengthen its foundations ahead of expanding overseas into western Europe, the U.S. and Japan. It has already formed partnerships with European-based global energy traceability NGO EnergyTag.