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Melbourne-based energy technology company Relectrify has secured $25 million in funding from The Australian Renewable Energy Agency (ARENA) after today unveiling a world-leading battery energy storage system designed for both grid-scale and industrial deployment.
The funding from ARENA follows a recent $19 million capital raise that was backed by six existing investors, including Virescent Ventures, and a new minority investment from Texas-based Fortune 500 company NRG Energy.
Relectrify describes the new battery energy storage system’s (BESS) technology as more efficient, resilient and cost-effective than current products.
The Australian-engineered AC1 BESS utilises Relectrify’s patented CellSwitch technology, which independently controls and optimises the performance of every battery cell within a BESS.
The company says the technological breakthrough ensures the AC1 BESS delivers more energy every time it is cycled while also significantly extending BESS lifetime relative to conventional battery systems.
“AC1 BESS neutralises weaknesses in today’s battery systems with a proprietary architecture that can independently optimise the usage of every battery cell,” says Relectrify CEO Jeff Renaud.
“The AC1 does things no other BESS can do, generating grid-compliant AC power directly from battery cells, without the need for a separate inverter. This all translates into enhanced safety, reliability and investment returns for BESS owners.”
Renaud points out that commercial and industrial energy users are the “missing middle” in Australia’s energy transition, with the AC1 is designed to fill this gap.
“While there has been an uptick in household battery deployments, without accelerated adoption of battery technology by industrial energy users, Australia’s transition is at risk of stalling,” he says.
“Not only is the AC1 BESS capable of being deployed at a grid level, but it is flexible and cost effective enough to be deployed by large energy users such as manufacturing, agricultural, data centre and commercial property businesses.
“With unpredictable energy costs leading to increasing uncertainty for businesses, the AC1 BESS gives large energy users the ability to take control of their energy use and reduce costs, all while supporting Australia’s transition to renewables.”
The $25 million in funding from ARENA will support Relectrify’s deployment of the AC1 BESS at a number of commercial and industrial and small front-of-the-meter BESS sites.
ARENA has previously supported Relectrify with two previous grants to help it develop its innovative battery management technology.
“With early-stage support from ARENA, Relectrify was able to develop its technology and test its first deployments,” says ARENA’s CEO Darren Miller.
“Not everything went to plan, but through these early trials Relectrify developed a breakthrough with the potential to reduce costs and improve performance.
“What began as a project to reuse end-of-life batteries has now grown into a world-class battery management technology with the potential to transform energy storage.
“By backing home-grown innovators like Relectrify, we’re helping to bring forward technologies that could unlock new value from batteries and support the transition to a more flexible, low-emissions grid.”
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