Australian company lands $15 million in new funds for technology to stabilise solar-heavy grid

Queensland based energy technology company EcoJoule Energy says it has secured a $15 million capital investment which will support its national and international expansion and the rollout of technologies to help stabilise the grid as it adjusts to ever increasing levels of residential solar capacity.

EcoJoule, which was founded in 2018 and is headquartered just south of Brisbane, describes its purpose as providing “innovative, next generation power management products and software to companies interested in energy quality and reliability for their customers.”

This includes the company’s EcoVAR low voltage STATic COMpensator (STATCOM), which helps utilities manage the voltage on low voltage networks, and its 10kW AC pole-mounted EcoStore smart battery inverter, which is capable of intelligently charging and discharging to better manage electrical energy usage.

Ausgrid, the largest electricity distributor on Australia’s east coast, announced in mid-2023 that it had begun installing EcoJoule pole-mounted battery units in New South Wales, the first step in a trial to determine the role such batteries could have on supporting the larger network.

Many more EcoStore batteries have also been installed in recent years on power poles throughout New South Wales by electricity operators including Endeavour Energy and Essential Energy.

EcoJoule believes its pole-mounted community energy storage units and voltage regulation devices are capable of helping to integrate more renewables into the grid.

“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, and it is a significant issue for distribution network service providers (DNSPs),” said Dr Mike Wishart, CEO and founder of EcoJoule Energy.

“Our community energy storage units and voltage regulators can help network operators avoid the need to invest significant capital in major upgrades to the grid.”

Bolstering the company’s national and international growth plans, EcoJoule announced on Monday that it had secured $15 million from an investor group led by Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management.

This is the first time that EcoJoule has taken on institutional equity partner and will use the influx of capital to fund its wider expansion strategies.

“Ellerston understands our vision and brings valuable long-term investment expertise to the table,” said Wishart.

“Their support will help us capitalise on the enormous opportunity presented by the global energy transition.

“We’re a proud Queensland business, but our ambitions are global. In the next few years, we aim to expand internationally where we see major opportunities in the UK, Europe, Southeast Asia, and South America.”