Solar battery community startup RedEarth is elevating $ 12 million because it appears for ASX itemizing – Startup Each day
Before going public, RedEarth Energy Storage raised $ 12 million to list on the ASX in 2022.
The round was led by Ord Minnett Private Opportunities, along with Perennial Value and the Thorney Investment Group led by Alex Waislitz.
The Queensland company plans to use the funds to accelerate its local manufacturing, sales and marketing efforts, as well as specific research and development, to complete its electricity monetization technologies ahead of its planned listing.
The company previously raised $ 8 million, including the state government’s Queensland Business Development Fund. It was co-founded in 2013 by CEO Charles Walker and CTO Chris Winter as a battery manufacturer for private households and businesses and then focused on building networked energy storage systems, including the “Troppo” battery and the integrated off-grid system “BlackMax” (“BlackMax”) , both of which are certified by the Clean Energy Council.
Late last year, RedEarth launched its Personal Power Plant (PPP) as part of plans to develop a network of connected solar batteries to create a self-sufficient community power plant.
The company has developed its own integrated technology stack and built a network of 1,000 field hardened systems.
Charles Walker said RedEarth had sales growth of more than 60% quarter over quarter for the past 13 quarters, with the expansion of distributed energy storage rollout providing a huge boost to an IPO next year.
“We are committed to our vision of continuing to open up new opportunities for our customers to not only save money by switching to solar power, but also to earn money. This is unique in an industry that is partly dominated by foreign offers, ”he said.
His co-founder Chris Winter, who previously co-founded ASX-listed battery storage company RedFlow, said the way the world creates, distributes and uses electricity is fundamentally changing.
“RedEarth is at the forefront of this change with our fully vertically integrated offerings for both on-grid and off-grid customers,” he said.
“We plan to make significant reinvestments in additional research and development as RedEarth grows to ensure the company’s products stay at the forefront of Australia’s growing sustainable energy needs.”
Trent Donnelly, director of Ord Minnett Private Capital, said they were delighted to support the company as it focused on becoming a public company.
Investing in RedEarth provides a unique opportunity to work with an Australian company that is actively involved in decarbonising the economy and giving customers the ability to take more control and capitalize on their renewable energy investment, ”he said.