GreenSync, which specialises in technology for better energy management, is expanding its business to help create the smart electricity grid of the future.
WATCH: GreenSync - creating a smarter electricity grid
The highly innovative clean technology company uses smart software controls to optimise the use of energy resources in electricity grids. Through smart controls and coordination, more renewable resources and battery storage systems can be integrated into the grid, extending the benefits to more businesses and consumers.
GreenSync's technologies allow large electricity consumers such as manufacturers, resorts and retail centres, to more closely monitor their electricity consumption and work with their suppliers to reduce their grid energy requirements and maximise their use of onsite renewable energy such as solar.
The CEFC has committed up to $5 million in equity as part of an $11.5 million Series B capital raising by GreenSync. The finance, through the Clean Energy Innovation Fund, will help the business scale up its operations, expanding in Australia and overseas.
The Southern Cross Renewable Energy Fund, a co-investment between ARENA and Softbank China Venture Capital, and managed by Southern Cross Venture Partners, has committed a further $5 million to the capital raising. The remaining capital was provided by a private fund.