AGL invests in residential energy storage uptake in Australia

AGL Energy Limited (AGL) has committed US$20 million and joined other energy players to invest in the uptake of residential energy storage in Australia through Sunverge Energy.

Australian Renewable Energy Agency (ARENA) CEO Ivor Frischknecht said the new round of financing, which included the commitment from AGL, was a clear signal of confidence in the technology incorporated in Sunverge’s smart storage systems.

“This US$20 million commitment from AGL will see one of Australia’s largest energy companies join other investors — ARENA, SBCVC, Siemens Venture Capital and Total Energy Ventures — to bring new residential storage technology to the Australian market,” said Frischknecht.

The investment will help to build on the contributions of more than US$7 million that ARENA and SBCVC have already invested since 2014 to help Sunverge establish operations in Australia.

“The company has continued to grow and this latest success will allow it to employ more staff in Australia and explore options for locally manufacturing its systems in the future,” said Frischknecht.

“Residential battery storage is currently in its infancy in Australia. While only a small number of systems are currently installed, there is a lot of interest in the technology.

“The partnership between AGL and Sunverge will accelerate the rollout of a state-of-the-art, grid-integrated battery storage solution to Australia’s large household storage market.”

As storage becomes more commonplace in Australian homes, it is expected more energy retailers will firm up business models for selling new products and work through some of the regulatory constraints facing Australia’s emerging market.

“Solving these challenges will ultimately allow consumers to get more value from their rooftop solar systems and increase the supply of renewable solar power in our electricity networks, contributing to grid stability and reducing peak load stress,” added Frischknecht.

Sunverge’s Solar Integration System combines advanced lithium batteries with a sophisticated control platform that allows power flows to and from the grid to be controlled as part of a virtual power plant.

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