GreenSync raises capital to lead energy transformation
Green-tech start-up GreenSync has raised a total of $11.5 million in a Series B funding round led by the Clean Energy Finance Corporation (CEFC) through the Clean Energy Innovation Fund and Southern Cross Venture Partners through the Southern Cross Renewable Energy Fund. The funding provides a significant boost in meeting GreenSync’s vision to lead electricity markets into the next generation — where 80% of energy consumed is sourced from renewables.
“It is important that energy consumers are able to benefit from lower cost cleaner energy, and that it is seamlessly integrated into their total energy supply,” said GreenSync founder and CEO Phil Blythe. “GreenSync’s technologies allow large electricity consumers, such as manufacturers, resorts and retail centres, to more closely monitor their electricity consumption and work with their suppliers to reduce their grid energy requirements and maximise their use of on-site renewable energy such as solar.”
GreenSync’s hardware and software allows transmission and distribution companies, industrial and commercial facilities, and residential and remote precincts to harness the power of renewable energy and harmonise their use of traditional, renewable and stored energy resources. Through smart controls and coordination, more renewable resources and battery storage systems can be integrated into the grid, extending the benefits to more businesses and consumers.
The Clean Energy Innovation Fund committed $5 million to the capital raising, while Southern Cross Venture Partners committed a further $5 million and the remaining capital was provided by a private fund. GreenSync will use the funds to further develop its innovative energy-tech product suite for the Australian market and expand its technology offerings to new shores.
“The CEFC’s investment in GreenSync will assist the transition of the Australian energy market from the current centralised model to a decentralised model that reduces the amount of power lost through the transmission process and gain benefits from monitoring and better managing electricity demand and supply peaks,” said CEFC Investment Development Director Blair Pritchard.
“Through the smart control of locally generated energy resources, GreenSync is contributing to the growth of a new energy economy focused on a cleaner power supply and carbon reduction.”
“The electricity distribution network must become bidirectional, and this requires a new wave of control systems such as GreenSync to enable the reshaping of the grid,” added Southern Cross Venture Partners Managing Director Mark Bonnar. “We are excited to be part of this investment and are looking forward to working with the company.”
“Having the financial backing of CEFC and Southern Cross Venture Partners further legitimises the significance of GreenSync’s technology and our future role in building a sustainable energy economy for our partners and customers, not just in Australia but globally,” said Blythe.
“There is huge potential for GreenSync internationally and, with our strong market position in Australia, we look forward to starting the journey of mapping the global grid.”
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