The Clean Energy Finance Corporation (CEFC) will make a $5 million investment in smart grid software developer GreenSync, as part of an $11.5 million series B capital completed by the company.
GreenSync has developed a range of software platforms that support the integration and optimisation of distributed energy systems into the energy grid. The software suite includes “Portfolio VPP” which allows for multiple distributed energy resources, such as solar generation and battery storage, to be coordinated via a single platform.
Software developed by GreenSync also facilitates the management of peak demand and demand response systems, allowing the supply within a distribution network to be optimised to minimise the impacts of demand spikes and maximising the value of energy generated from distributed energy systems within the network.
GreenSync’s software package provides software support at multiple levels of the electricity system, with software targeted to network operators, through to commercial and residential applications.
The CEFC’s investment will be made via the Clean Energy Innovation Fund (CEIF), a $100 million fund administered by the CEFC with the assistance of the Australian Renewable Energy Agency (ARENA). The CEIF was established to provide targeted support for high potential emerging clean energy companies unable to source necessary private investment to early commercial readiness
The investment by the CEFC will be joined by an additional investment of $5 million Southern Cross Renewable Energy Fund as a co-investment between ARENA and Softbank China Venture Capital. The remaining capital injection into GreenSync has been sourced from private investors.
In announcing the investments made by the CEFC and ARENA, CEFC Investment Development Director Blair Pritchard highlighted that further development of the GreenSync software platforms will better support the increased adoption of renewable energy sources into the energy system.
“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, giving consumers even more control of their energy consumption. 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.” Mr Blair Pritchard said.
GreenSync was founded in 2010 and received angel investment in 2013, allowing the company to pivot from a focus on demand management systems to including software support for distributed energy systems. GreenSync will also seek to market the software to potential international customers.
“Our transformation from a company offering peak demand management services, to a company offering broad spectrum control and optimisation of grids with energy resources and battery storage, is reflective of the rapid changes underway in Australia and around the world.” GreenSync founder and CEO Dr. Phil Blythe said in a statement announcing the capital raising.
“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.” Dr Blythe added.
GreenSync has previously been involved in ARENA supported projects, as a technology partner to the Moreland Energy Foundation micro-grid investigation. GreenSync supported the Moreland Energy Foundation to complete a virtual trial of managed “behind the meter” generation systems.