Australian renewables and battery storage management software firm GreenSync has raised $8.7 million (AUS$11.5 million) to take its technology to international markets.
The cash was raised in a Series B funding round led by Australian government-owned Clean Energy Finance Corporation (CEFC) which committed $5million (US$3.78million) and Southern Cross Venture Partners.
GreenSync is eying up new markets, including South-East Asia (through its new Singapore HQ), where it has commercial projects and new pilots.
It plans to roll out further pilot programs in the US and Europe this year.
GreenSync technology can be used in utility to residential applications to store and use renewable energy.
Australia currently has the highest number of solar panels per capita in the world, and is quickly adopting battery energy storage system to store that energy.
Dr. Phil Blythe, founder and CEO of GreenSync, said: “As the global energy system undergoes unprecedented change towards decentralised energy, the power of renewable and storage technologies will need to be harnessed in new ways.”
Blair Pritchard, Investment Development Director of CEFC said its investment would assist the transition of the Australian energy market from the current centralised model, to a decentralised model.
He said: “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.”