Allegro Energy, a Newcastle-based battery startup, has successfully raised A$17.5 million in a Series A funding round. The funding was led by the US climate change fund The Grantham Foundation, with support from US fund Lightbank, British funds Melt Ventures and Impact Ventures, and other existing investors. Allegro Energy has developed water-based Redox Flow Batteries (RFB) for storing renewable energy.
The company plans to construct an 800 KWh pilot storage facility at Origin Energy’s Eraring site in New South Wales, Australia, later this year. Origin Energy has been a strategic partner to Allegro, acquiring a five percent equity stake in June last year and providing support for the phased development of a 60 MWh pilot RFB capacity. Allegro co-founder and CEO Dr.
Funding advances battery storage technology
Thomas Nann said in a statement that the Series A funds comprise strategic and growth capital necessary for the company’s expansion. “We are thrilled to be among the companies recognized by The Grantham Foundation while also successfully attracting critical local capital and strategic support from some of the leading names in renewable energy,” said Nann.
“These funds will help us rapidly accelerate our manufacturing capacity.”
Allegro’s RFB technology is water-based, positioning it as a safer and more environmentally friendly energy storage solution compared to other battery technologies. The company highlights that its batteries contain no scarce materials and all key components are recyclable. Allegro also claims that its RFBs and supercapacitors are non-flammable, non-corrosive, and cheaper than competing technologies.
With the new funding, Allegro Energy is poised to advance its commercial capabilities and contribute significantly to the renewable energy sector. The company’s innovative technology and strategic partnerships position it well for future growth and success in the rapidly evolving energy storage market.
