Green-tech startup GreenSync has secured $11.5 million from the Clean Energy Finance Corporation and Southern Cross Venture Partners to help expand its energy-tech operations to Asia.
GreenSync’s technology uses smart software to optimise energy resources in electricity grids, assisting transmission and distribution companies, as well as industrial and commercial facilities, and residential and remote precincts.
The Melbourne-based firm received $5 million from the CEFC’s Clean Energy Innovation Fund, with a further $5 million provided by Southern Cross Venture Partners, and the remainder from a private fund.
GreenSync CEO Dr Phil Blythe said the company’s transformation from peak demand services to the optimisation of electricity grids reflected changes to the energy market in Australia and internationally.
“As we move towards a new era where energy storage and digital control are essential to maintain stable grids, GreenSync will stay focused on innovations that harness the collective strength of all industry players, and deliver substantially new models for operating grids around the globe,” Dr Blythe said.
Blair Pritchard, Investment Development Director of CEFC, said their investment would assist the transition of the Australian energy market from the current centralised model, to a decentralised one that reduces the amount of power lost through the transmission process.
He said this would allow for better monitoring and managing electricity demand and supply peaks.
“Through the smart control of locally-generated energy resources, GreenSync is contributing to the growth of a new energy economy focused on a cleaner power supply and carbon reduction,” Mr Pritchard said.
Mark Bonnar, Managing Director at Southern Cross Venture Partners, said control systems such as Greensync would help enable the reshaping of the electricity distribution network.