Allegro Energy, an Australian battery startup, has successfully raised A$17.5 million (U$ 11.6 million) in Series A funding, with backing from both new and existing investors. The funding round was led by The Grantham Foundation, a prominent US climate change fund, and included participation from US-based Lightbank, British funds Melt Ventures and Impact Ventures, and existing investor Origin Energy.
Allegro Energy, based in Newcastle, has developed innovative water-based Redox Flow Batteries (RFB) designed to store renewable energy. The company is planning to build an 800 KWh pilot storage facility at Origin Energy’s Eraring site in New South Wales later this year as part of its push towards scalable renewable energy solutions.
Allegro’s RFB technology, which uses water-based systems, is considered a safer and more environmentally friendly alternative to other battery technologies. The batteries contain no scarce materials and are non-flammable, non-corrosive, and fully recyclable. Allegro also claims its technology is more cost-effective than competing battery solutions.
Allegro co-founder and CEO Dr. Thomas Nann stated that the Series A funding will provide both strategic and growth capital for the company. “We are thrilled to be recognized globally by The Grantham Foundation while securing vital local support from leading renewable energy players. These funds will help us rapidly accelerate our manufacturing capacity,” said Dr. Nann.
Origin Energy, which acquired a five percent equity stake in Allegro last year, is backing the phased development of Allegro’s 60 MWh pilot RFB capacity. Origin has the option to continue supporting Allegro’s growth through to the establishment of its first gigafactory.