$6.3 million invested in battery storage systems
The Southern Cross Renewable Energy Fund has invested $6.3 million in Octillion Power Systems Australia to help the Brisbane-based company develop lithium-ion battery storage solutions. The fund is a co-investment arrangement run under the Australian Renewable Energy Agency’s (ARENA) Renewable Energy Venture Capital Fund Programme, managed by Southern Cross Venture Partners.
Octillion, along with its manufacturing partner Sinoelectric Powertrain Corp (SinoEV), is a provider of lithium-ion battery systems for stationary storage industrial and mobile vehicle applications. According to ARENA CEO Ivor Frischknecht, “The company’s ‘honeycomb’ battery solution can be installed in different size and space configurations, allowing greater flexibility.”
The investment will allow Octillion to deliver a tailored product across multiple applications using SinoEV’s advanced battery technology as a core building block. Frischknecht said, “Octillion will work with research institutions to further develop the technology for Australia and South-East Asia’s needs. This will address challenges such as local grid constraints, high ambient temperatures and significant annual temperature fluctuations.”
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