Australia has a new energy retailer aiming to help consumers use more renewable energy and reduce their power consumption.
The Australian Renewable Energy Agency (ARENA) and SBCVC have backed a $5million Southern Cross Renewable Energy Fund investment into new retailer, Mojo Power.
ARENA CEO, Ivor Frischknecht, said Mojo Power was a home-grown Australian business and the world’s first energy retailer, which doesn’t rely on selling more power for more profit.
“Mojo supplies electricity to its customers at cost and charges a fixed monthly fee. This allows Mojo to focus on working with customers to unlock cheaper energy bills through solar, storage and energy efficiency,” Mr Frischknecht said.
“Australians have embraced residential solar in big way, with a world-leading 20 per cent of households so far installing panels on their roofs.
“Using state-of-the-art smart metering technology, Mojo will be able to analyse customer usage data with a view to optimising energy use and demonstrating how households could benefit from renewable energy technologies.
Mr Frischknecht said customers will be able to access more information about their energy usage, making them better placed to take the steps needed to run smarter homes.
“If Mojo successfully taps into the Australian market, it could encourage even more households to invest in solar, which in turn will help drive down costs.
“It also has the potential to accelerate the growth of Australia’s emerging battery storage industry as consumers look for more value from their rooftop systems.”
The investment from the Southern Cross Renewable Energy Fund will help Mojo with market-entry and business expansion activities.
Mojo founders, CEO, James Myatt and CFO, Darren Miller bring a wealth of experience in energy retailing and renewable energy financing to the table.
The company has a license to operate in the National Electricity Market and Mr Myatt said it is ready to sign up households.
“Mojo’s model is a real game changer and it will benefit those households that currently face high electricity bills.
“We are absolutely aligned with their primary objective, which is to pay less for the electricity they need,” Mr Myatt said.