Virescent Ventures, the climate venture capital firm spun out of the federal government funded Clean Energy Finance Corporation (CEFC), is the largest equity investor in a $67.2 million Series A debt and equity capital raising round for renewable energy systems provider National Renewables Network (NRN).
Other investors in the round include Investible, Infradebt managed funds and Ecotone Partners.
NRN’s innovative business model involves the company partnering with energy retailers and solar power equipment installers to provide end-customers with market leading virtual power plant infrastructure and digital management platforms at no upfront cost.
The new investment will enable NRN to accelerate the rollout of its national platform while expanding its role providing a connecting layer between industry, government and regulators.
Virescent Ventures partner Blair Pritchard said NRN had developed a smart, scalable solution to one of the most pressing challenges to Australia’s energy transition – grid stability.
“Australia’s transition to renewables has reached a critical moment – without the rapid deployment of battery storage and distributed generation technology, the energy transition will stall,” Pritchard said.
“NRN’s business model and technology can help address this by rapidly unlocking additional storage capacity, while democratising access to solar and battery technology. It will help more households benefit from renewable energy and battery technology without the upfront costs, while helping retailers and easing pressure on the grid.
“NRN presents a smart solution for consumers and the energy market and a big step forward in decarbonising the electricity grid.”
NRN chief executive and founder Alan Hunter said: “Partnering with Virescent Ventures is a significant step in scaling NRN’s national platform. Their deep sector expertise and track record in backing high-impact climate tech will help us accelerate battery deployment, strengthen grid stability and expand renewable access for households across Australia. Together we can move faster to deliver the next generation of energy infrastructure.”
Virescent’s equity investment in NRN follows its investment in New Zealand based ultra-fast EV charging infrastructure company Kwetta which was the first investment from Virescent’s second climate technology fund which is backed by cornerstone investors Westpac, the CEFC and Queensland Investment Corporation (QIC).
Image: NRN provides fully installed solar and battery systems with no upfront costs or financing.