Green-tech startup GreenSync secures $11.5 million Series B to lead Australia’s energy transformation
Clean Energy Finance Corporation and Southern Cross Venture Partners invest to fund world-leading Australian projects, product development of industry-leading technology, and international expansion.
Melbourne, Australia, 24 January, 2017: GreenSync, a technology company driving energy industry transformation in Australia, has raised $11.5 million in a Series B funding round led by Australian government-owned Clean Energy Finance Corporation (CEFC) through the Clean Energy Innovation Fund, and Southern Cross Venture Partners through the Southern Cross Renewable Energy Fund.
As part of GreenSync’s $11.5 million Series B capital raising, the Clean Energy Innovation Fund, which draws on the combined skills and experience of the CEFC and the Australian Renewable Energy Agency (ARENA) committed $5 million, Southern Cross Venture Partners, a joint venture between ARENA and Softbank China Venture Capital, committed a further $5 million, with the remaining capital provided by a private fund.
The capital raise is timely for GreenSync, which will use the funds to further develop its innovative energy-tech product suite for the Australian market and to expand its technology offerings to new shores.
Revolutionising Australia’s energy industry and harnessing renewables with technology
GreenSync’s technology is helping reimagine the entire spectrum of the energy industry. Its proprietary technology platform allows leading transmission and distribution companies, as well as large industrial and commercial facilities, and residential and remote precincts to harness the power of renewable energy and harmonise their use of traditional, renewable and stored energy resources.
GreenSync is enabling its partners to lead the global shift in connecting and better controlling more renewables on electricity grids, optimising local battery storage of energy, and reducing the need for over-investment in costly energy infrastructure.
Dr. Phil Blythe, Founder and CEO of GreenSync, commented on the raise:
“As the Australian energy system undergoes unprecedented change towards decentralised energy, the power of renewable and storage technologies will need to be harnessed in new ways.
“Our transformation from a company offering peak demand management services, to a company offering broad spectrum control and optimisation of grids with energy resources and battery storage, is reflective of the rapid changes underway in Australia and around the world.
“As we move towards a new era where energy storage and digital control are essential to maintain stable grids, GreenSync will stay focused on innovations that harness the collective strength of all industry players, and deliver substantially new models for operating grids around the globe.
“Having the financial backing of CEFC and Southern Cross Venture Partners further legitimises the significance of GreenSync’s technology and our future role in building a sustainable energy economy for our partners and customers, not just in Australia but globally.
“There is huge potential for GreenSync internationally and with our strong market position in Australia, we look forward to starting the journey of mapping the global grid.”
Blair Pritchard, Investment Development Director of Clean Energy Finance Corporation commented on the investment:
“The CEFC’s investment in GreenSync will assist the transition of the Australian energy market from the current centralised model, to a decentralised model that reduces the amount of power lost through the transmission process, and gain benefits from monitoring and better managing electricity demand and supply peaks.
“In the future the smart grid will be able to integrate an even greater use of renewable energy, as well as electric vehicles and battery storage options, giving consumers even more control of their energy consumption. Through the smart control of locally-generated energy resources, GreenSync is contributing to the growth of a new energy economy focused on a cleaner power supply and carbon reduction.”
Mark Bonnar, Managing Director at Southern Cross Venture Partners commented on the investment:
“The electricity distribution network must become bi-directional and this requires a new wave of control systems such as Greensync to enable the reshaping of the grid. We are excited to be part of this investment and are looking forward to working with the company.”
GreenSync to enter new international markets
The Series B funding provides a significant boost in meeting GreenSync’s vision to lead electricity markets into the next generation — where 80% of energy consumed is sourced from renewables.
The company recently partnered with United Energy to deliver a landmark new approach to managing peak electricity demand in Victoria’s Mornington Peninsula. The project will support the use of locally generated renewable energy sources by households and businesses in the area, without the need for heavy investment from the local energy provider, United Energy. By managing the peak electricity loads of the community, GreenSync’s technology offers a cost competitive alternative to traditional network augmentation.
Having recently opened an office in Singapore, GreenSync is continuing to grow as one of Australia’s most disruptive and successful tech start-ups and plans to take its solutions to other markets in the coming years.
GreenSync is a technology company that is part of a new generation of energy innovators using smart software control to optimise the use of energy resources in electricity grids. Through smart control and coordination, more renewable resources and battery storage systems can be integrated into the grid, and participate in the benefits they bring.
Backed by Clean Energy Finance Corporation, Southern Cross Venture Partners and other private investors, GreenSync has raised more than $13 million and has been the recipient of more than $500,000 in grants, including from the Victorian Government. GreenSync is a member of the Clean Energy Council and Energy Efficiency Council, and clients include many of Australia’s largest energy companies, supermarket chains, manufacturers, airports, resorts and universities.
For more information visit www.greensync.com.au.
About Clean Energy Finance Corporation (CEFC)
The Clean Energy Finance Corporation invests, applying commercial rigour, to increase the flow of finance into the clean energy sector. Its mission is to accelerate Australia’s transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction. It does this through an investment strategy focused on cleaner power solutions, including large and small-scale solar, wind and bioenergy; and a better built environment, with investments to drive more energy efficient property, vehicles, infrastructure, and industry. The CEFC also invests with co-financiers to develop new sources of capital for the clean energy sector, including climate bonds, equity funds, aggregation facilities and other financial solutions. The CEFC operates under the Clean Energy Finance Corporation Act 2012.
ARENA was established by the Australian Government to make renewable energy technologies more affordable and increase the supply of renewable energy in Australia. Through the provision of funding coupled with deep commercial and technical expertise, ARENA provides the support needed to accelerate the development of promising new solutions towards commercialisation. ARENA invests in renewable energy projects across the innovation chain and is committed to sharing knowledge and lessons learned from its portfolio of projects and information about renewable energy. ARENA always looks for at least matched funding from the projects it supports and to date has committed $1.1 billion in funding to more than 270 projects. For more information, visit www.arena.gov.au.
About the Clean Energy Innovation Fund
The Clean Energy Innovation fund draws on the combined skills and experience of the CEFC and ARENA. The Innovation Fund is focused on financing emerging Australian technologies and businesses that have the potential to help accelerate Australia’s transition to a clean energy transformation.
About Southern Cross Venture Partners Renewable Energy Fund
The up to $120 million Southern Cross Renewable Energy Fund is one of the largest venture capital funds dedicated to renewable energy in Australia. It is a co-investment arrangement between ARENA and Softbank China Venture Capital and is independently managed by private sector fund manager Southern Cross Venture Partners. The Fund was created to provide venture capital and active investment management to encourage the development of Australian companies that are commercialising renewable energy technologies.
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