AGL has announced a US$20million investment in a US-based energy storage company, in order to enhance its energy storage management capabilities.
AGL’s investment in Sunverge Energy will also help to accelerate the adoption of energy storage in the Australian market.
As part of the agreement, AGL is the exclusive channel partner for the sales of Sunverge’s intelligent energy storage systems in Australia.
AGL Managing Director and CEO, Andy Vesey, said the agreement gives AGL early mover advantage and helps the company accelerate its capabilities in this space.
“An emerging leader in demand response management for premises-based energy storage, Sunverge’s innovative energy solution will help us better meet the needs of our customers in a carbon-constrained energy future.
“This future is increasingly based on decentralised products and services including digital metering, solar PV systems, as well as new technologies such as batteries, electric vehicles and other ‘beyond the meter’ energy solutions.”
Mr Vesey said the significant transformation of Australia’s energy sector is being driven in part by evolving policy, emerging technology and changing customer demands and needs.
“We were the first major energy retailer to launch a battery product in the Australian market and we continue to focus on bringing new, innovative and integrated offerings to market,” Mr Vesey said.
Sunverge is one of the leading global manufacturers and suppliers of batteries and intelligent battery fleet management systems and software.
These capabilities enable owners to manage their own renewable energy generation efficiently. They also help utilities and energy service providers manage those renewable power sources and link them into ‘virtual power plants’ to meet peak energy demand across neighborhoods, communities and entire service areas.
AGL’s $20million investment is part of a $36.5million Series C round of funding alongside current investors Australian Renewable Energy Agency, SBCVC, Siemens Venture Capital and Total Energy Ventures International.
As part of the investment partnership, AGL Managing Director and CEO, Andy Vesey and AGL Executive General Manager of New Energy, Alistair Preston, will join the Sunverge Board of Directors.
AGL and Sunverge have been working together since 2015 testing the use of batteries to support the grid during peak demand periods.