Allegro Energy, an Australian developer of redox flow batteries, is looking to “rapidly accelerate” its production capacity after closing a AUD 17.5 million ($11.6 million) funding round that has attracted major domestic and international investors.
Australian battery storage startup Allegro Energy has announced the completion of a AUD 17.5 million Series A funding round led by US-based venture capitalist The Grantham Foundation and Australian energy giant Origin Energy.
Allegro Energy CEO Thomas Nann said the funding round, which also included Australian investors Melt Ventures and Impact Ventures and US group Lightbank, provides the company with strategic and growth capital.
“These funds will help us rapidly accelerate our growth production capacity”, said Nanne. “We are pleased to be among the companies that have received global recognition from the Grantham Foundation while successfully securing critical local capital and strategic support from some of the leading names in renewable energy.”
Allegro Energy produces water-based redox flow batteries and supercapacitors that it says are “non-flammable, fully recyclable and do not rely on scarce materials or complex supply chains.”
The core of both products is that of Allegro Energy microemulsion electrolyte which claims to have overcome the voltage limitations that typically hinder water-based solutions, giving it an advantage in the large-scale long-term energy storage market.
“This enables energy storage that is much cheaper and much safer than competing technology, creating the opportunity to meet needs on a global scale,” the company said.
Sam Lefkofsky of the Grantham Foundation said Allegro Energy’s technology has the potential to transform long-term energy storage.
“We welcome the opportunity to support this revolutionary technology, which we believe is poised to change the conversation around clean storage and lead to rapid adoption of cheaper, cleaner and more abundant energy,” he said.
For Origin Energy, the involvement in this funding round follows last year’s investment, which secured a 5% stake in the company, coupled with an agreement to develop a pilot redox flow battery at the Eraring power station site in the Hunter Valley in New South Wales.
The pilot battery will initially have a capacity of 100 kW/800 kWh, but Origin Energy has announced plans to increase the capacity to 5 MW with 12 hours (60 MWh) energy storage capacity. The first phase of the project is expected to be completed later this year.
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