Allegro Energy, an Australian battery startup, has raised A$17.5 million in a Series A funding round from new and existing investors. The round was led by US climate change fund The Grantham Foundation, with support from US fund Lightbank and British funds Melt Ventures and Impact Ventures. Based in Newcastle, Allegro has developed water-based Redox Flow Batteries (RFB) to store renewable energy.
The company plans to build an 800 KWh pilot storage facility at Origin Energy’s Eraring site in New South Wales later this year. Origin, which acquired a 5% equity stake in Allegro last June, aims to support the phased development of 60 MWh pilot RFB capacity at its facilities. Origin also has the option to support Allegro through funding its first gigafactory.
Allegro co-founder and CEO Dr. Thomas Nann said in a statement that the Series A funds were a mix of strategic and growth capital for the company.
Allegro’s funding boost for RFB technology
We are thrilled to be among the companies recognized globally by The Grantham Foundation while also successfully drawing critical local capital and strategic support from leading names in the renewable energy space,” he said. “These funds will help us rapidly accelerate our manufacturing capacity.”
Allegro’s RFB technology is water-based, which the company says makes the batteries safer and more environmentally friendly than other technologies. The batteries contain no scarce materials, and all key components are recyclable.
Allegro also claims its RFBs and supercapacitors are non-flammable, non-corrosive, and cheaper than competing technologies. Sam Lefkofsky from The Grantham Foundation expressed optimism about the technology’s potential. We welcome the opportunity to support this revolutionary technology poised to change the conversation around clean storage and lead to rapid adoption of cheaper, cleaner, and more abundant energy,” he commented.
Impact Ventures general partner Piers Grove reiterated their commitment to supporting Allegro’s groundbreaking technology. “Our commitment to supporting founders engaged in deploying critical environmental solutions at scale is captured in Allegro’s vision and potential to transform long-duration energy storage on a global level,” he remarked. Melt Ventures was also an early backer of Allegro Energy, demonstrating the broad support the startup has received from various investment entities aiming to drive technological advancements in clean energy storage.
