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Sydney-based solar wholesaler and distributor One Stop Warehouse (OSW) has secured a US$5.5 million ($8.5 million) investment from China’s SparkEdge Capital following significant growth for the business in global markets.
According to the company, the funding from the Shanghai-based SparkEdge, a venture capital firm that specialises in new energy, will help drive OSW’s ambition to become the “Amazon” of clean energy.
It also follows a $55 million Series A funding round in 2022, which was backed by global equity firm Hillhouse Investment.
OSW, which was founded in 2013 by university mates and former Sydney Young Entrepreneur of the Year winners Anson Zhang and Jeff Yu, says the capital injection will fuel the company’s next phase of growth in key solar markets, including the US, Mexico, Spain and Romania.
With the backing of the world's largest solar panel manufacturer, China-based GCL which acquired a 51 per cent stake in OSW in 2016, the company has grown to become one of Australia's largest wholesale distributors of solar photovoltaic (PV) panels, solar inverters, components and systems.
In recent years, OSW has built a strong presence across Europe, particularly in the Netherlands and Poland, where it has achieved more than 20 per cent market penetration in select regions.
"We've led the Australian market for years - this investment marks a major milestone as we expand into new markets and continue developing the infrastructure needed to support the global energy transition,” says Zhang, the CEO of OSW.
“OSW is building an AI-driven distributed energy industry internet platform - our vision is to become the 'Amazon' of clean energy, delivering integrated solutions."
The funding will accelerate the rollout of OSW's proprietary technology platform, GreenSketch, which digitises and connects every stage of the clean energy value chain.
OSW launched GreenSketch this year to facilitate faster solar deployment and rollout.
Greensketch is described as the world's first end-to-end solar design platform that offers a zero-cost solution, integrating design, procurement, subsidy applications and project management in one free-to-use interface.
“We were drawn to OSW's unique ability to combine smart software with deep sector expertise," says Bin Wang, partner at SparkEdge Capital.
"Tools like GreenSketch are setting a new standard for clean energy delivery - and we believe OSW is positioned to lead the next wave of global solar adoption."
OSW says it now plans to focus on integrating AI-powered tools and automation into “every layer of the solar journey”, from system design and compliance, to credit scoring and carbon tracking.
The company says strategic partnerships in each region will support local deployment and help scale OSW's clean energy infrastructure worldwide.
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