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Logan-based technology group EcoJoule Energy, a battery storage company that helps address the challenges posed by solar-power adoption by households, has raised $15 million as it gears up for expansion into the UK, Europe and South-East Asia.
EcoJoule Energy, which provides next generation power management products and software to companies such as Endeavour Energy, Essential Energy, Ausgrid and AusNet Services, is seen as an emerging player in the transition to solar energy.
Founded in 2014 by Dr Mike Wishart and Tony Ferguson, the company has developed technology platforms that comprise pole-mounted community energy storage units that store excess solar energy from residents for later use and a voltage regulation device to help integrate more renewables into the grid.
EcoJoule Energy’s latest $15 million capital raise was led by Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management.
Ellerston Capital’s investment partner Mark Paton says EcoJoule’s technology provides an “exciting opportunity for rapid growth as the take-up of solar accelerates”.
“Australia’s energy grid, and grids around the world, are under immense pressure as the transition to renewables gathers pace,” says Paton.
“EcoJoule’s technology provides a cost-effective solution for electricity distributors, with those benefits being passed down the line as real cost-savings for everyday consumers.”
“Under Mike’s guidance, we are confident that the company will be able to achieve its aggressive growth goals over coming years and become a globally significant player in managing the transition to renewables.”
Ellerston says the investment in EcoJoule Energy is consistent with its Industrial Growth Fund’s focus on the electricity grid and the collaboration between public and private funding.
Wishart, the CEO of EcoJoule Energy, describes the investment as a significant milestone for the company that will help accelerate its growth strategy.
“Ellerston understands our vision and brings valuable long-term investment expertise to the table,” says Wishart.
“Their support will help us capitalise on the enormous opportunity presented by the global energy transition.”
While he describes EcoJoule as a “proud Queensland business”, Wishart says the group has global ambitions to deliver technologies that can transition the electricity grid into a cheaper, more reliable and environmentally friendly system.
“In the next few years, we aim to expand internationally where we see major opportunities in the UK, Europe, South-East Asia and South America,” he says.
“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, and it is a significant issue for distribution network service providers (DNSPs).
“Our community energy storage units and voltage regulators can help network operators avoid the need to invest significant capital in major upgrades to the grid. Our technology is globally unique and backed by a worldwide patent.”
Wishart says EcoJoule Energy is helping utilities manage the shift from “a one-way electricity system to a dynamic, decentralised grid where rooftop solar and other decentralised low carbon technology equipment such as EV chargers become major factors”.
Australia’s Department of Climate Change estimates there are four million rooftop solar installations across the country, with about 300,000 new systems installed annually. The average rooftop system is estimated to save each household more than $1,500 a year on energy bills.
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