AGL Energy Limited (AGL) today announced a US$20 million investment in leading US-based energy storage and management company, Sunverge Energy Inc. (Sunverge), to enhance its energy storage management capabilities and help accelerate the adoption of energy storage in the Australian market.
As part of the strategic agreement, AGL is the exclusive channel partner for the sales of Sunverge’s intelligent energy storage systems in Australia.
Managing Director & CEO Andy Vesey said the agreement gives AGL early mover advantage and helps the company accelerate its capabilities in this space.
“An emerging leader in demand response management for premises-based energy storage, Sunverge’s innovative energy solution will help us better meet the needs of our customers in a carbon-constrained energy future. This future is increasingly based on decentralised products and services including digital metering, solar PV systems, as well as new technologies such as batteries, electric vehicles and other ‘beyond the meter’ energy solutions.
“The significant transformation of our energy sector is being driven in part by evolving policy, emerging technology and changing customer demands and needs. We were the first major energy retailer to launch a battery product in the Australian market and we continue to focus on bringing new, innovative and integrated offerings to market,” said Mr Vesey.
Sunverge is one of the leading manufacturers and suppliers globally 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.
As part of the investment partnership, AGL Managing Director & CEO Andy Vesey and AGL Executive General Manager of New Energy, Alistair Preston will join the Sunverge Board of Directors.
AGL and Sunverge have been working together since 2015 testing the use of batteries to support the grid during peak demand periods
AGL is one of Australia’s leading integrated renewable energy companies and is taking action to gradually reduce its greenhouse gas emissions while providing secure and affordable energy to its customers. Drawing on over 175 years of experience, AGL serves its customers throughout eastern Australia with their energy requirements, including gas, electricity, solar PV and related products and services. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, solar, landfill gas and biomass.
About Sunverge Energy
San Francisco-based Sunverge Energy helps homeowners manage their own renewable energy generation efficiently, and helps utilities and solar power providers manage those renewable power sources and aggregate them into Virtual Power Plants neighborhoods, communities and entire service areas — reliably, effectively and intelligently. Founded in 2009, the company makes the Sunverge Solar Integration System (SIS), a distributed energy storage and management appliance comprised of powerful storage batteries, power electronics, and system-management software running in the cloud. The Sunverge SIS lowers costs, increases energy reliability, strengthens the grid and accelerates the adoption and integration of distributed energy resources. Investors include AGL Energy Limited, Australian Renewable Energy Agency, SBCVC, Siemens Venture Capital and Total Energy Ventures International. For more information, please visit sunverge.com.