Neara raises $15 million to bankroll its push to ease renewable bottlenecks

An emerging critical infrastructure technology company has raised more than $15 million to bankroll a push into the United States and Europe to support energy utilities.

Sydney-based climate and energy specialist Neara on Thursday announced the successful funding round that will support the use of their technology by clean energy operators and electricity networks.

Chief commercial officer Jack Curtis said the energy industry needed to significantly integrate more renewable assets, and technology would play a critical role.

Neara offers 3D simulation, artificial intelligence and machine learning tools to make electricity grids run more efficiently, and be better prepared to withstand bushfires and other disasters.

Their platform can crunch the numbers on common decarbonisation challenges, including finding network bottlenecks and how to connect new generation projects to networks, the company said.

Past work with major utilities in NSW has also led to a new US partnership with energy company Southern California Edison to digitally model wildfire risk.

This funding round is an extension of its $20 million raise from late 2022, bringing the amount raised to date to approximately $45 million, to further develop the technology.

It was supported by new investor Prosus Ventures, along with returning investors Skip Capital (controlled by Atlassian co-founder Scott Farquhar and partner Kim Jackson), and Square Peg Capital.

Prosus Ventures’ spokesman Sachin Bhanot said the partnership would fast-track a cleaner, safer, and electrified future.

“We believe in the power of technology to solve the greatest challenges facing us – including action on climate change, affordable access to digital services and delivery of sustainable products and services,” he said.

AAP