Sydney startup Solar Analytics has raised $4.4 million in a Series A round to globally accelerate the expansion of its smart tech products. Solar Analytics received follow-on investment from seed investor AGL Energy Limited along with new private investments from experienced energy investors David Griffin and John Clifford.
Founded in 2013, Solar Analytics is just one of many startups helping NSW to improve its uptake and investment into the renewable energy space. The startup allows homeowners to track and monitor their energy production and consumption through real-time data and analytics.
In Australia at any one time just over 50 percent of solar power systems are not performing to capacity, which means that every day more than half of residential solar systems are underperforming. Through a savings calculator, Solar Analytics empowers homeowners to actively engage with their system’s power usage and detect any system that may be underperforming. These underperforming systems may go undetected within periods of warranty, meaning residents are up for higher repair and maintenance costs when a system is faulty.
Solar Analytics already provides solar monitoring services to more than 10,000 residential solar owners Australia-wide. Users of Solar Analytics receive real time data and analytics information on their system’s solar performance and their overall household energy usage.
Since launch the startup reports it has experienced 10-fold growth year-on-year and now aims to expand its technology to improve the global standards for solar output. Just like the healthtech industry where startups are enabling people to self-care, cleantech startups like Solar Analytics are allowing residents to self-rely and understand their own products.
CEO of Solar Analytics, Stefan Jarnason believes that there is no shortage of investor interest in smart technology and also homegrown talent in the renewables sector.
“Australia is at the leading edge in residential solar uptake and technology deployment. As a result we’re seeing huge interest from international players in the Australian market, and with this investment, Solar Analytics is well positioned to take this Australian technology internationally,” he said.
Jarnason has said the startup is already putting the Series A funding towards product development and expanding its sales channels globally. New product features include energy forecasting and solar storage and monitoring to capitalise on residential battery storage in Australia.
The investment comes as the residential uptake of solar energy around Australia grows. For NSW, a region previously renowned for its coal exports, the investment into smart tech solutions gives the region the chance to become a global leader in R&D for cleantech.
Currently Newcastle’s collaboration hub Eighteen04 stands alone as the only business hub Australia-wide for cleantech startups, however with the emergence of renewable energy solutions, more spaces focusing on these verticals are likely to emerge.
Following on from the investment, Solar Analytics has opened an international office in Oakland, California and has exhibited at North America’s largest solar event, Intersolar in San Francisco. This past week Solar Analytics has also exhibited at the largest solar trade show, Solar Power International in Las Vegas, with the hopes of further tapping into the US renewable energy market.
Image: Valantis Vais, Renate Egan, Stefan Jarnason, John Laird. Source: Supplied.