Award-winning Australian rooftop solar sharing technology developer Allume Energy has successfully closed a $A6 million fund-raising round, the proceeds of which will be used to accelerate the Melbourne-based company’s expansion into international markets and grow its Australian operations.
Allume, which was recently named as one of 41 finalists in the 2021 Australian Technologies Competition, is behind a ground-breaking software and hardware solution designed to “unlock” solar for historically hard-to-reach multi-tenanted buildings, including apartments and business offices.
To date, more than 50 of Allume’s SolShare systems have been installed across Australia – including one which divides and distributes solar between 52 apartments in Melbourne’s north-west – and the technology has been certified for installation in the UK and the US.
The Series A fundraising round was co-led by Taronga Ventures’ RealTech Ventures Fund and The Schmidt Family Foundation, in what the companies describe as a commitment to tackling the carbon footprint of the real estate industry.
“Global real estate investors and institutional capital are now focused on driving sustainability through their underlying real estate portfolios,” said Jonathan Hannam, managing partner at Taronga Ventures. “Thus, we are constantly looking for world leading emerging technology companies – like Allume – to help deliver our sustainability goals.”
“Cities are where the vast majority of the global population resides, and many of these people live in multi-family buildings,” said Jamie Dean, director of impact investing for the Schmidt Family Foundation.
Allume’s co-founder and CEO, Cameron Knox, said the financing would bolster the company’s growth and expansion, including in the US where the company is already working with non-profit Elemental Excelerator to delivering solar with no upfront cost to affordable housing.
In the UK, Allume is working with Centrica-backed SNRG to provide rooftop solar to public housing in Greater London and in newly built apartments across the region.
“As demand increases for renewable energy sources such as rooftop solar, a huge proportion of the population risks being left behind in the energy transition,” said Knox.
“At Allume, we are committed to breaking down barriers to rooftop solar to provide cheaper, cleaner energy to underserved communities across the globe.”
