Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management have led a $15 million growth investment round in energy storage technology company EcoJoule Energy.
This is the first external capital raised by the Loganholme, Queensland, company which was established nearly ten years ago.
EcoJoule plans to use the new capital to expand in Australia and take its technologies overseas.
The company currently employs around 20 people and has customers including Endeavour Energy, Essential Energy, Ausgrid and AusNet Services.
EcoJule has developed a community energy storage unit to retain excess energy from domestic solar panels and a voltage regulation device which helps integrate renewable power into the electricity grid.
EcoJoule founder and chief executive Dr Mike Wishart said the new capital will “help capitalise on the enormous opportunity presented by the global energy transition”.
“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.
According to Wishart, EcoJule’s technologies can help network operators avoid investing significant capital in electricity grid upgrades.
Ellerston Capital investment partner Mark Paton said uptake of the technologies should grow rapidly as rooftop solar energy collection increases.
“EcoJule’s technology provides a cost-effective solution for electricity distributors, with those benefits being passed down the line as real cost savings for everyday consumers,” he added.
The Australian Department of Climate Change estimates that there are now four million rooftop solar installations across the country with about 300,000 systems being installed annually.
In addition to reducing electricity costs for domestic users, solar benefits the broader energy system by reducing the need for electricity generation and cutting wholesale prices during daylight hours but it also creates voltage problems for grid infrastructure designed for one-way energy flows.
Image: EcoJule chief executive Dr Mike Wishart with the company’s electricity storage units.