NRN Secures $67.2 Million for Zero-Cost Solar and Battery Solutions
National Renewable Network (NRN), a pioneering force in Australia’s distributed energy sector, has successfully completed a significant Series A funding round, raising $67.2 million. This funding has been supported by some of the country’s leading climate technology investors.
Based in Sydney, NRN focuses on creating a platform that provides solar and battery systems with no upfront costs, which are then integrated into a virtual power plant (VPP) managed by NRN in collaboration with various retailers.
New Partnership with Alinta Energy
Recently, NRN announced an exciting new partnership with Alinta Energy, named Solar Together. This initiative will allow customers to access rooftop solar and home battery systems without any initial costs, financing, or repayments.
The recent funding round will facilitate the ongoing growth of NRN’s marketplace and support system for distributed renewable energy solutions.
CEO’s Vision for Growth
Alan Hunter, the CEO and founder of NRN, expressed confidence in the company’s unique approach: “Our core strength lies in seamlessly integrating technology, data, capital, compliance, and market access, allowing our energy partners to unlock exponential growth.”
He further explained that NRN enables retailers to swiftly develop a distributed renewable energy portfolio, which they can brand as their own VPP without conflicting with customer interests. This model allows energy retailers to establish or expand their distributed energy businesses without the burden of heavy capital investments, all while retaining full control over customer interactions.
Support from Major Investors
Among the prominent investors in this funding round is Virescent Ventures, an Australian climate tech venture capital fund, which announced it was the largest equity contributor to the fundraising effort.
Blair Pritchard, a partner at Virescent Ventures, highlighted the urgency of Australia’s renewable transition: “Without the rapid deployment of battery storage and distributed generation technology, the energy transition will stall.” He noted that NRN’s innovative business model and technology could significantly enhance storage capacity and broaden access to solar and battery solutions, benefiting households and alleviating pressure on the energy grid.
Impressive Growth and Future Goals
In the last two years, NRN has expanded its distributed energy network by over 600%, currently managing more than $12 million in renewable energy assets and nearing a total of 10 megawatt-hours (MWh) of installed battery capacity.
With total funding now surpassing $85 million, NRN aims to deploy an additional 40 MWh of battery storage within the next year. The company is committed to enhancing its role as a vital link between industry, government, and regulators, promoting widespread access to renewable energy, bolstering partner businesses, and providing savings for consumers.
The capital raise also received backing from Investible, Ecotone Partners’ newly launched Planet Fund, and a significant debt commitment from Infradebt-managed funds, including the Australian Ethical Infrastructure Debt Fund.
Ben Lindsay, investment principal at Investible, remarked, “We’ve backed NRN from Seed through to Series A because we believe they’re building the most important infrastructure layer in Australia’s transition to distributed energy.” He praised the NRN team for their ability to merge extensive energy market knowledge with a dynamic startup culture.
“From day one, they’ve understood how to navigate the complexity of compliance, capital, and customer experience, while remaining laser-focused on enabling their partners to scale distributed energy solutions at pace. This latest round is a signal of just how critical NRN has become to Australia’s energy future.”
