Australian solar innovator 5B has bought an Adelaide based specialist in mounting systems as it bulks up to deliver ultra-low cost solar power at massive scale, including at the 20GW Sun Cable project in the Northern Territory.
The Sydney-based 5B says the purchase of the IXL Solar manufacturing business will help it optimise the design and “industrialisation” of its unique 5B Maverick solar technology, which is based on prefabricated, modular, and rapidly deployable solar systems.
“The world needs massive scale, ultra low cost solar power, fast, and we are constantly seeking ways to accelerate the growth of our team and scaling of our 5B Maverick solar deployment platform,” says 5B co-founder and CEO Chris McGrath.
5B has delivered just 32MW of capacity to clients since its first project in 2017, but is now looking at “gigawatt” scale projects around the world, including at Sun Cable, which where up to 20GW of solar will be built to export power to Singapore via a sub sea cable.
McGrath told RenewEconomy that the Coalition government and ARENA are aiming for a $15/MWh solar price as a “stretch target” for 2035, but 5B sees that as its “base case” for 2030.
“It’s probably something we can achieve faster and earlier than that,” McGrath said.
5B has been named as the “preferred” supplier to the massive Sun Cable project, which is looking to build a gigawatt scale manufacturing facility near Darwin to help supply its massive rollout. McGrath says the IXL deal is key to ramping up its capability ahead of that.
IXL Solar, which is part of the IXL manufacturing group, has been working in the solar industry since soon after the first grid scale solar farm was built in Australia a decade ago, and has been working with 5B on its Maverick solar product since 2018.
Its Adelaide based facility includes 20 manufacturing specialists and staff who will join 5B as part of the deal, which includes both cash and equity, although the details have not been released.
“The IXL Solar team joining 5B will be highly impactful in achieving such acceleration and will reinforce the manufacturing outcomes of our 5B Maverick technology at gigawatt-scale for our customers and 5B Ecosystem Partners – including in terms of time, cost, quality, safety and sustainability,” McGrath says.
“We have been working with IXL Solar and its team for over 3 years, and deeply value and respect their manufacturing expertise and discipline, which provides a strong complement to 5B’s innovation and growth mindset.
IXL will emerge as a shareholder in 5B as part of the deal for its solar subsidiary.
“I believe 5B Maverick technology could fundamentally change the way power is generated in many parts of the world,” chairman Rob Backwell said. “We see this transaction as an opportunity for our staff to grow and succeed with 5B, and take Australian innovation to the world.”
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