A Sydney-based company developing smart meters and virtual power plant software will receive a $100 million loan from the National Reconstruction Fund, in its first debt investment targeting renewable energy innovation.
The National Reconstruction Fund Corporation announced the debt investment in Intellihub on Tuesday to support the rollout of grid connectivity devices that can reduce household power bills by coordinating rooftop solar, batteries and other home energy assets with the electricity grid.
Renewables and low-emission technology are one of the NRF’s seven priority areas for investment.
“One in three Australian homes has rooftop solar and the NRFC’s investment in Intellihub will help individual Australians to save money on their energy bills and make the most of their solar panels while contributing to the country’s energy transition,” NRFC chief executive David Gall said.
Intellihub already manages a network of over 3.3 million domestic smart meters. Its Evergen software platform, developed in partnership with the CSIRO, uses VPP technology to maximise power generation, usage and storage across multiple households, providing greater grid stability.
The Australian Energy Market Commissioner last November ordered a mandatory rollout of smart meters across the national energy market by 2030 as part of national decarbonisation efforts.
Intellihub chief executive Wes Ballantine said the company expected more than 6 million households to use its smart meters and VPP software by 2030.
“This investment from the NRFC ensures Intellihub is strongly positioned to drive this expansion and accelerate this critical infrastructure deployment,” he said.
The NRFC has announced over $585 million in funding agreements across the last six months, covering defence, energy, manufacturing and medical technology.
The debt investment follows a similar $150 million loan to Australian Sovereign Defence and Advanced Manufacturing, a leading supplier to the F-35 Joint Strike Fighter Program, last month.
The Corporation plans to invest $1.5 billion this financial year.
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