Greensync organises $8.7m series B

Clean Energy Finance Corporation, the Australian government’s green investment bank, has supplied $3.8m for the round.

Greensync, an Australia-based smart energy technology developer, has received A$11.5m ($8.7m) in series B funding co-led by Clean Energy Finance Corporation, the Australian government-owned green investment bank.

The round was co-led by Southern Cross Venture Partners. Each lead investor provided A$5m, with the remainder supplied by an unnamed private fund.

Clean Energy Finance Corporation invested through the Clean Energy Innovation Fund, a joint initiative with Australian Renewable Energy Agency (Arena).

Southern Cross Venture Partners participated through the Southern Cross Renewable Energy Fund, a co-investment vehicle between Arena and internet group Softbank’s investment arm Softbank China Capital.

Greensync has developed technology to optimise the use of energy resources, such as enabling more renewable energy sources to integrate traditional energy infrastructure, includint the electricity grid or battery storage.

Greensync will use the cash to further its Australian presence and take its technology to new markets.

The round builds on a $555,000 grant awarded by the state government of Victoria as part of the $20m New Energy Jobs Fund in August 2016.

Blair Pritchard investment development director at Clean Energy Finance Corporation, said: “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.

“In the future the smart grid will be able to integrate an even greater use of renewable energy, as well as electric vehicles and battery storage options, giving consumers even more control of their energy consumption.”

See more from this Government Report: Australia

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