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Grid tech firm eleXsys Energy completes capital raise at $9m – eleXsys Energy will use funds to invest in future global growth
- Published May 11, 2021 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
EleXsys Energy – trading in Australia as Planet Ark Power – has raised $9AUD million over the past 9 months to support the global expansion of its solar and storage microgrid platform technology.
The recently completed Series A capital raise of $6.5AUD million has attracted investment from predominantly the UK, with eleXsys Energy now incorporated in the UK. In addition, $2.5AUD million has also been attained from mainly Australian investors bringing the total to $9AUD million raised.
The company is the inventor and manufacturer of the eleXsys® technology platform, which through Ai, enables optimised grid-connected commercial and industrial rooftop solar and battery microgrids.
eleXsys Energy provides a range of grid forming services, including dynamic voltage management, which addresses the increasing curtailment of surplus energy exporting into low voltage, urban and rural energy networks. The capital raised will allow the company to continue its investment as it seeks to rapidly grow, globally.
The company’s flagship project, the IKEA eleXsys Microgrid is under construction in Adelaide, South Australia.
Following a reorganisation, the group parent is now a UK company (eleXsys Energy Ltd); this will allow the group to establish a strategic base for international growth and capital raising, as investors commit to global carbon reduction targets and investment opportunities in new cleantech solutions like eleXsys®.
eleXsys Energy Ltd has also obtained advance assurance from the UK’s HMRC for the Enterprise Investment Scheme (EIS). With this advance assurance, an investment in eleXsys Energy Ltd should come with a tax advantage as allowed for under the EIS scheme.
Executive Director Richard Romanowski said: “We are delighted to have completed another successful round of funding from our new UK, France, UAE, Switzerland and Australian resident shareholders and to have completed the corporate reorganisation of the eleXsys Energy group – now being headed out of the UK.
About eleXsys Energy
eleXsys Energy is the developer of eleXsys® – a transformative AI and IoT-based technology that enables electricity grids to accept multiple times more distributed clean energy resources without the need for expensive infrastructure and equipment upgrades. It makes “SUPER” large microgrids, at up to 10 x bigger than current technology and grid constraints allow, to be commercially viable. Developers benefit from the much larger and lucrative revenue streams that they produce but so do tenants who attain much cheaper clean energy and much larger decreases in GHG with no CAPEX outlay also while landlords attain rent for rooftops and property valuation increases with no CAPEX outlay. These “SUPER” microgrids are now financed by third parties, creating a completely new global multi $ Billion asset class because eleXsys overcomes the intermittent income streams that current grid constraints produce. The eleXsys technology is the winner of the World Energy Council global start up award in 2019 as well as the 2021 Davos Energy Week energy Start-Up Pitch Award.
- The eleXsys technology is executed globally through Master Licensees and Licensees
- In Australia, Planet Ark Power is the first Master Licensee
In addition, a number of sub licensees are in train, many of them global multinationals - In the middle east, Dutco is the first Master Licensee
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