The Southern Cross Renewable Energy Fund in collaboration with Australian Renewable Energy Agency (ARENA) is investing $6.3 million in Australian battery storage market.
The Chief Executive Officer of ARENA, Ivor Frischknecht stated that the investment would support Brisbane based Octillion Power System (Octillion) in Brisbane, to help upgrade advanced lithium-ion battery storage solutions Australian and the global market, as well as help overcome capital constraints.
“Reliable, cost effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” Ivor said.
“Octillion will tap into the global manufacturing capabilities of Sinoelectric Powertrain Corp (SinoEV) to achieve a competitive price for its products.
“The company’s ‘honeycomb’ battery solution can be installed in different size and space configurations, allowing greater flexibility. This can be useful for many applications, such as when batteries need to be tightly integrated with inverters.
“Octillion will work with research institutions to further develop the technology for Australia and South East Asia’s needs. This will address challenges such as local grid constraints, high ambient temperatures and significant annual temperature fluctuations.
“The investment joins a range of ARENA supported projects aimed at increasing industry knowledge and reducing costs and barriers to developing and deploying battery technologies in Australia.”
The Managing Director of Octillion, Stephen McRae also stated that the approach would help Octillion to provide a tailored product across several applications with the help of SunoEV’s advanced battery technology as a main building block.
“Octillion will combine a cost competitive supply chain with world class research and development to deliver products relevant to the Australian market and broader international markets,” Mr Stephen stated.
About Octillion and SinoEV
SinoEV and Octillion are providers of advanced lithium-ion battery systems for stationary storage industrial and mobile vehicle applications. They take a technology agnostic approach to cell chemistry and form factor and select a configuration optimized to meet customer requirements. The companies are currently delivering products to EV manufacturers as well as stationary storage applications such as energy peak shaving, UPS and residential energy storage.
About the Southern Cross Renewable Energy Fund
The Southern Cross Renewable Energy Venture Capital Fund is a co-investment arrangement run under ARENA’s Renewable Energy Venture Capital Fund Programme, managed by Southern Cross Venture Partners.
Southern Cross Venture Partners invests in promising renewable energy and enabling technology companies with global potential.
It is one of the largest venture capital funds dedicated to renewable energy in Australia, with the Australian Government’s multi-million dollar commitment matched dollar for dollar by Softbank China Venture Capital.
James W. andJudith I., July 1, 2015. Investing in Australia’s battery storage market: http://arena.gov.au/media/investing-in-australias-battery-storage-market/. Accessed July 1, 2015
AUTHOR: DOUGLAS YEBOAH