Why AGL Energy is leading an investor group to fund Sunverge Energy
In an attempt to bring a boost to new residential storage technology in the Australian market, Sunverge Energy has received US$36.5 million in funding from a group of investors.
AGL Energy, one of Australia’s leading integrated energy companies, joins the Australian Renewable Energy Agency (ARENA), Siemens Venture Capital, SBCVC and Total Energy Ventures International as current investors. The investment includes a US$20 million commitment from AGL.
Sunverge energy is a global leader in intelligent storage and distributed energy resource management. The San Francisco-based company designs and manufactures advanced intelligent energy storage systems that allow utilities, retailers and solar power providers the ability to manage renewable power sources and combine them into Virtual Power Plants.
In turn, this allows them to meet peak energy demand across an entire service area.
“This new investment will build on more than US$7 million that ARENA and SBCVC have already invested through the Southern Cross Renewable Energy (SXRE) Fund to help Sunverge establish operations in Australia and overcome barriers to the widespread deployment of storage systems,” said ARENA CEO Ivor Frischknecht.
According to AGL CEO and managing director Andy Vesey, the energy industry in Australia and around the world is going through a major transition. He believes AGL is destined to lead the way in the change.
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“We were the first major energy retailer to sell residential and commercial batteries in Australia, including the Sunverge brand,” said Vesey. “Sunverge is also a leader in the management of fleets of batteries for demand response and other applications. Our strategic agreement will allow us early mover advantage and accelerate our capabilities in this space.”