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Solar equipment maker 5B received $12 million in funding led by existing investors Artesian Venture Capital and Fortune 500 company AES Corporation. The investment is part of its pre-series B funding round.
The round saw participation from Australia’s former Prime Minister Malcolm Turnbull and Simon Holmes A Court, a director for Smart Energy Council. Other investors include Startmate and Beyond Zero Emissions chairperson Eytan Lenko.
The round, announced in the latter part of 2020, has been fully funded and oversubscribed, the company announced on Tuesday.
5B said it aims to use funds to accelerate its technology development and release the next-gen MAVERICK products. It also plans to strengthen its workforce, attract new investors, and establish a campus in Sydney.
“We are at the cusp of what will arguably be the next industrial revolution for the world, driven by ultra-low-cost, massively abundant clean energy from solar PV. The only remaining question is not if, but how quickly, we will achieve this,” said Chris McGrath, Co-founder & CEO of 5B.
Meanwhile, it’s also looking to venture into new markets, including the USA, Chile and India.
The MAVERICK solution comprises high-power density module mounts. The product is cost-effective and generates more energy per area. The mounts are pre-installed in a factory and can quickly be installed. 5B claims that a single team can deploy more than 200kW of solar per day using the solution.
Mr Turnbull said, “5B is one of the most innovative Australian clean energy companies.”Their MAVERICK technology is the keystone to unlocking the next generation of clean energy at the scale required to address climate change urgently.”
Founded in 2013 by solar engineers Chris McGrath and Eden Tehan, 5B is a clean technology innovator. The latest funding brings the total amount raised to $24 million. In July last year, it had closed its $12 million series A funding round.
Australia is one of the sunniest places on the planet and its potential to generate energy is huge. In 2020, the country installed a record number of rooftop solar photovoltaic (PV) panels, CSIRO analysis from Australia’s federal Clean Energy Regulator shows.
A record-high 362,000 solar panels were installed and certified under the scheme for small-scale renewables.