The venture capital fund managed by the Australian Renewable Energy
Agency has invested $6.3 million in a US-based battery storage start-up
with big plans for the battery storage market in Australia. Southern Cross Ventures was one of a number of high profile
investment funds – including Kleiner Perkins, the biggest invetor in
clean-tech and the investment arm of Samsung – to invest in
California-based SinoEV, also known as Octillion Power Systems in
Australia.
SinoEV started off a a power-train specialist for electric vehicles,
but is expanding into EV batteries and now stationary storage. Its
manufacturing base is in China, where it supplies batteries to that
country’s second biggest EV manufacturer, JAC Motors, and its battery
management system and software technology is also being used in
ground-breaking peak-shaving battery storage installations from Stem in
California.
ARENA CEO Ivor Frischknecht said the investment would help Octillion –
based in Brisbane and headed by Steven McCrae – to develop advanced
lithium-ion battery storage solutions for the Australian and south-east
Asia markets. “Reliable, cost-effective energy storage will allow more renewable
energy to enter Australia’s electricity markets,” Frischknecht said in a
statement.
SinoEV has developed a “honeycomb” battery storage solution that can
be installed in different size and space configurations, and Octillion
will work with research institutions to further develop the technology
for Australia and South East Asia’s needs. T “The investment joins a range of ARENA supported projects aimed at
increasing industry knowledge and reducing costs and barriers to
developing and deploying battery technologies in Australia,”
Frischknecht said.
McRae said the investment would allow Octillion to deliver a tailored
product across multiple applications using SinoEV’s advanced battery
technology as a core building block. “Octillion will combine a cost competitive supply chain with
world-class research and development to deliver products relevant to the
Australian market and broader international markets,” McRae said.
McRae says Octillion Australia will have two responsibilities –
developing sales and business development in Australia, the Pacific and
south-east Asia, and creating a centre of excellence for engineering
work on battery storage. He sees potential in residential and off-grid market in Australia,
and particularly in the EV market in south-east Asia. He says that the
Octillion technology will be competitive with Tesla products. “The price
points they have put out there are achievable,” he told RenewEconomy.
http://cleantechnica.com/2015/07/03/arena-fund-invests-6-3-million-in-california-battery-storage-start-up/