In November AGL, the first retailer in Australia to launch a home storage battery in the local market, teamed up with Sunverge to bring 11.6 kilowatt hour or 19.4 KWh energy storage system options, along with sophisticated power electronics and multiple energy inputs, packaged in a patented utility-grade appliance controlled by cloud-based software to Australia.
Today AGL managing director Andy Vesey said AGL was putting in more funds to enhance its energy storage management capabilities and help accelerate the adoption of energy storage in the Australian market.
With an exclusive agreement with Sunverge AGL hopes to gain early mover advantage in the home storage market.
“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,” he said.
“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.”
AGL’s $US20 million investment is part of a $36.5 million round of funding alongside current investors Australian Renewable Energy Agency, SBCVC, Siemens Venture Capital and Total Energy Ventures International.
“This new investment will build on more than USD $7 million that ARENA and SBCVC have already invested through the Southern Cross Renewable Energy (SXRE) Fund to help Sunverge establish operations in Australia and overcome barriers to the widespread deployment of storage systems,” Australian Renewable Energy Agency CEO Ivor Frischknecht said.
Frischknecht said ARENA and SBCVC had first invested in Sunverge Energy through the SXRE Fund in 2014 and had played a critical role in the success of Sunverge 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,” Frischknecht said.
“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 roll out 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, we expect to see energy retailers firm up business models for selling new products and work through some of the regulatory constraints facing Australia’s emerging storage 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.”
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.
