GreenSync, an energy company attempting to jolt Australia’s electricity grid into the 21st century, has secured $5 million of funding from the Clean Energy Finance Corporation (CEFC) to continue making inroads in disrupting the energy industry using innovative technology.
The CEFC finances emerging Australian technologies and businesses that are focused on accelerating Australia’s transition to a greener economy. In addition to the CEFC’s contribution, GreenSync also received an additional $5 million from a co-investment between the Australian Renewable Energy Agency (ARENA) and Softbank China Venture Capital known as The Southern Cross Renewable Energy Fund. A private fund provided the remaining capital to complete the $11.5 million total that was raised.
GreenSync was founded in 2010 by Dr. Phil Blythe and began operating two years later. The Series B funding was intended to allow the Melbourne-based company to expand internationally. With an office already in Singapore, Blythe and the rest of GreenSync have visions of taking the clean energy revolution beyond the Australian and Pacific region.
Dr. Blythe, who serves as the CEO of GreenSync, set out an ambitious plan going forward whereby the majority of the electricity grids rely primarily on clean power.
“Our hardware and software provide smart layers of control that help better manage energy consumption. We’re aiming to optimise electricity grids to enable a supply that contains more than 80% renewable energy.”
The company uses innovative technology such as smart software controls and battery storage systems that can be integrated into the grid to help optimise energy usage to its full potential. Combined with their reliance on renewable resources, GreenSync is setting a new clean energy standard that is hoping to power the future.
Blair Pritchard, the Director of the CEFC’s Investment Development division, spoke about the importance of GreenSync for both Australian households and businesses.
“GreenSync’s technology acts like the brain and spinal cord of the smart grid, giving industrial and commercial sites, households and businesses access to the appropriate energy source at the right time, improving reliability and penetration of renewable sources.”
The company’s technologies can benefit both small and large-scale electricity users to better manage their output and maximise any renewable energy sources they may have onsite.
“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 onsite renewable energy such as solar,” Pritchard said.
With GreenSync’s funding now secured for their international expansion, the market has shown that it’s willing to invest big money in the future of clean energy.