New energy retailer encourages use of renewables

The Australian Renewable Energy Agency (ARENA) and Softbank China Capital (SBCVC) have backed a $5 million Southern Cross Renewable Energy Fund investment into Mojo Power, claimed to be the first energy retailer to offer rates that reflect the true cost of providing electricity to homes. The funding will help Mojo with market entry and business expansion activities.

Founded in 2015, Mojo charges its customers a fixed monthly fee while at the same time working to help unlock cheaper energy bills through solar, storage and energy efficiency. Using smart metering technology, the company analyses customer usage data and recommends the right mix of solar and energy storage technology to reduce reliance on the grid, increase the penetration of renewable energy generation and lower the cost of energy.

“Customers will be readily able to access more information about their energy usage and will be better placed to take the steps needed to run smarter homes,” said ARENA CEO Ivor Frischknecht.

“If Mojo successfully taps into the Australian market, it could encourage even more households to invest in solar, which in turn will help drive down costs. It also has the potential to accelerate the growth of Australia’s emerging battery storage industry as consumers look for more value from their rooftop systems.”

Mojo Power has a licence to operate in the National Electricity Market and is now ready to sign up households. For more information, visit www.mojopower.com.au.