Startup Focused On Stabilising Solar Heavy Grids Raises $15 Million

Founded in 2014 by Dr Mike Wishart and Tony Ferguson, the company has developed technology platforms that comprise pole-mounted community energy storage units that store excess solar energy from residents for later use and a voltage regulation device to help integrate more renewables into the grid.

EcoJoule Energy’s latest $15 million capital raise was led by Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management.

 

Dr. Wishart, the CEO of EcoJoule Energy said “Ellerston understands our vision and brings valuable long-term investment expertise to the table,” In the next few years, we aim to expand internationally where we see major opportunities in the UK, Europe, South-East Asia and South America,” he said.

“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, and it is a significant issue for distribution network service providers (DNSPs).

“Our community energy storage units and voltage regulators can help network operators avoid the need to invest significant capital in major upgrades to the grid. Our technology is globally unique and backed by a worldwide patent.”

Wishart says EcoJoule Energy is helping utilities manage the shift from “a one-way electricity system to a dynamic, decentralised grid where rooftop solar and other decentralised low carbon technology equipment such as EV chargers become major factors”.

With over 4 million rooftop systems, Australia is the world’s most penetrated residential rooftop solar market at almost 35%, which has created a problem of plenty at times for the country’s grid. Solar power has frequently had to be curtailed over the past year due to strong generation and weak demand during solar hours. That has led to a strong push for large batteries as well as opportunities for startups like EcoJoule to find solutions that can be applied worldwide, as other countries run into similar issues.