EcoJoule Energy has secured a $15 million capital investment to support the company’s national and international growth ambitions and help manage the problem of energy grid instability caused by household solar adoption.
As the world accelerates towards decarbonisation, Queensland-based EcoJoule Energy has emerged as a key player in the transition by providing innovative solutions that address the challenges posed by increasing solar adoption.
EcoJoule’s technology platforms include pole-mounted community energy storage units that stores the excess solar energy from local residents for later use and a voltage regulation device to help integrate more renewables into the grid.
The company, which was established nearly a decade ago, currently has around 20 employees with major customers including Endeavour Energy, Essential Energy, Ausgrid and AusNet Services.
The company has secured $15 million from an investor group led by Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management. This investment is consistent with Ellerston’s Industrial Growth Fund’s focus on the electricity grid and the collaboration between public and private funding.
It is the first time EcoJoule has taken on an institutional equity partner, with the capital primarily used to fund a national and international expansion strategy.
EcoJoule Founder and CEO Dr Mike Wishart (pictured above) said the investment was a significant milestone for the company and would help to accelerate its growth strategy.
“Ellerston understands our vision and brings valuable long-term investment expertise to the table,” said Dr Wishart. “Their support will help us capitalise on the enormous opportunity presented by the global energy transition.”
“We’re a proud Queensland business, but our ambitions are global. In the next few years, we aim to expand internationally where we see major opportunities in the UK, Europe, Southeast Asia, and South America.”
Dr Wishart said EcoJoule Energy’s mission was to deliver technologies that would transition the electricity grid into a cheaper, more reliable, environmentally friendly system.
“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, and it is a significant issue for distribution network service providers (DNSPs),” he said.
“Our community energy storage units and voltage regulators can help network operators avoid the need to invest significant capital in major upgrades to the grid.”
“Our technology is globally unique and backed by a worldwide patent,” said Dr. Wishart. “We’re helping utilities manage the shift from a one-way electricity system to a dynamic, decentralised grid where rooftop solar and other decentralised low carbon technology equipment such as EV chargers become major factors.”
Ellerston Capital Investment Partner Mark Paton said EcoJoule’s technology provided an exciting opportunity for rapid growth as the take-up of solar accelerates.
“Australia’s energy grid, and grids around the world, are under immense pressure as the transition to renewables gathers pace,” he said. “EcoJoule’s technology provides a cost-effective solution for electricity distributors, with those benefits being passed down the line as real cost-savings for everyday consumers,” he said.
“Under Mike’s guidance, we are confident that the company will be able to achieve its aggressive growth goals over coming years and become a globally significant player in managing the transition to renewables.”
Australia’s Department of Climate Change estimates there are now four million rooftop solar installations across the country, with about 300,000 new systems installed annually.
The average rooftop system saves a household more than $1,500 yearly on energy bills.
Rooftop solar benefits the broader energy system by reducing wholesale prices and demand for more expensive energy sources during the day, however it also creates voltage problems on the grid, which was designed for one-way energy flows.
EcoJoule’s EcoVARTM product is a static compensator mounted on existing power poles using power electronics and software to correct grid voltages.
EcoJoule has also developed EcoSTORETM, a battery energy storage system (BESS) that absorbs excess solar energy and releases it when needed, while also improving the grid power quality for consumers using the same voltage stabilisation technology.