Australia's AGL Energy Limited (AGL) has announced a US$20 million investment in Sunverge Energy a US-based energy storage and management company, and the launching of the Powering Australian Renewables Fund to invest in renewable projects.
On one hand, Sunverge is one of the international manufacturers and suppliers of batteries and intelligent battery fleet management systems and software. These capabilities enable owners to manage their own renewable energy generation efficiently. They also help utilities and energy service providers manage those renewable power sources and link them into ‘virtual power plants’ to meet peak energy demand across neighborhoods, communities and entire service areas.
AGL’s $20 million investment is part of a $36.5 million Series C round of funding alongside current investors Australian Renewable Energy Agency, SBCVC, Siemens Venture Capital and Total Energy Ventures International.
On the other hand, Powering Australian Renewables Fund will be focused on the development of new large-scale renewable generation projects. AGL proposes to seed the new fund with its solar projects at Nyngan and Broken Hill (155 MW) as well as taking a cornerstone equity stake. The new vehicle is expected to develop over 1,000 MW of renewable generation at a cost of between $2 to $3 billion.