Sydney-based renewable energy startup National Renewable Network (NRN), which has pioneered a no-cost solar and battery service, has closed a $4.28 million funding round which will help the company prepare for a Series A funding round in 2025.
Founded in 2021, NRN has developed an innovative model that means Australian households can access solar and battery systems without the average $18,000 upfront cost.
Instead – comparing their model to mobile phone plans – customers can have solar and battery systems installed with no upfront cost, and pay only for the solar power used.
NRN connects households, solar retailers, energy companies, and infrastructure investors, creating a four-way marketplace which delivers solar and battery systems to residential customers, consistent installation jobs for solar retailers and scalable distributed energy resources to investors.
NRN’s model can help customers reduce their energy costs by up to 20 per cent, and the model retains the flexibility to allow customers to purchase the system at any time.
NRN has seen significant growth in even just the last 12 months, scaling its monthly renewable asset sales from $250,000 in January to $3.5 million in November.
Backed by the company’s ongoing success, NRN has just concluded a pre-Series A funding round which was three-times oversubscribed.
With an initial capital raise target of $2 million, NRN received offers totalling $6.5 million, and ended up settling on $4.28 million, which the company said ensured “alignment with the company’s strategic goals while maintaining flexibility for its upcoming Series A round.”
Investments were secured from members of the Club Investible syndicate, Electrifi Ventures, and new commitments from Jelix Ventures and Ecotone Partners.
“This funding milestone demonstrates strong confidence in our mission and model. Being three times oversubscribed highlights the growing belief that renewable energy access should not depend on wealth,” said Alan Hunter, founder and CEO of NRN.
“We are disrupting the marketplace by redefining how households access renewable energy, eliminating upfront costs, and integrating solar and battery systems into energy plans.
“This innovative approach transforms the traditional energy model, creates a seamless connection between consumers, solar retailers, energy companies, and investors, and drives widespread adoption of renewable energy solutions.”
Securing this funding prepares NRN for its Series A round to drive further expansion and operational scale while the company works on a $50 million debt facility which it hopes will “support its rapid growth and fund renewable energy infrastructure for even more households.”
“Our business has grown 1300% in under a year, increasing monthly sales from $250,000 in January to $3.5 million in November – and we’re just getting started,” said Hunter.
“Our goal is to deploy solar and battery systems to 2,000 homes per month over the next eighteen months. With this additional funding, we are focused on building the infrastructure, strengthening partnerships, and streamlining pathways to achieve this ambitious target and continue expanding our market leadership.”
