E.ON UK Invests $A10.2M in Allume’s SolShare Solution
Allume, a leading Australian provider of shared rooftop solar solutions, has secured an additional £10.2 million to support its innovative SolShare solution designed for apartments. Notably, over £8 million of this funding comes from the UK division of European energy giant E.ON.
Since activating its first commercial shared solar system in May 2018 at a mixed residential and retail building in bayside Melbourne, Allume has rapidly expanded its reach. The company has introduced its groundbreaking solar technology across Australia and into thriving international markets, including the United States.
Successful Fundraising Rounds
The recent fundraising round in the UK builds on previous achievements, with Allume raising £2.2 million in 2019, £6 million in 2021, and £7 million in 2022. Investors supporting Allume’s vision range from US-based Elemental Excelerator and the Schmidt Family Foundation to local backers such as Taronga, Trawalla, and Mirvac.
In 2024, Allume also secured a £3.8 million grant from the Australian federal government’s Industry Growth Program to facilitate the expansion of its local manufacturing capabilities.
Benefiting from incentive schemes in Victoria, New South Wales, and the ACT, Allume reports a 10% monthly growth rate in its installation base, with revenue projected to more than double in 2025.
The company, headquartered in Melbourne, is on course to connect 10,000 apartments worldwide by the year’s end.
Accelerated Demand and Growth
Allume’s CEO and co-founder, Cameron Knox, highlighted the significant surge in demand over recent years, stating, “We are currently growing at 10% per month and expect to have connected over 10,000 apartments across Australia, the UK, and the US by the end of this year.”
Knox added, “Our capital injection, led by E.ON UK, will enable us to further accelerate this growth, whilst unlocking opportunities to expand our product offerings and markets.”
E.ON UK’s CEO, Chris Norbury, emphasised that the investment in Allume represents a crucial step towards fostering a more inclusive transition to clean energy.
Norbury explained, “More than a fifth of British homes – five million – are low and medium rise apartment buildings with rooftop space for solar panels, but no way of directly benefiting until now. We see an enormous opportunity to help people lower their energy bills and reduce their carbon emissions, making solar more accessible and affordable for a wider audience.”
The SolShare Solution
Allume’s SolShare solution operates by harnessing power from a single rooftop solar system and distributing the energy directly to each household within the building, ensuring equitable allocation among residents.
This process occurs ‘behind the meter,’ allowing energy to be generated and consumed on-site. Residents retain the freedom to choose their energy provider, with no alterations required by suppliers or network providers.
In many large apartment complexes, solar energy typically powers communal areas, while tenants bear the full cost of their electricity consumption. SolShare’s algorithm prioritises on-site solar energy usage before any excess energy is exported to the grid.
To stay updated on the latest clean energy developments, subscribe to our complimentary daily newsletter.
