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Funding

Investible backs Splend cofounder’s new renewables startup in $1 million pre-Series A bridge round

- June 28, 2024 < 1 MIN READ
Alan Hunter NRN
NRN founder Alan Hunter

A renewable energy company installing home solar and batteries has raised $1 million in pre-Series A bridge funding round.

The cofounder of rideshare car subscription service Splend, Alan Hunter, launched National Renewable Network (NRN) in 2021.

Last Christmas NRN banked a $3.5 million raise alongside a $10 million funding facility from Catalytic Impact Capital.

Investible led the latest raise tipping in $400,000 from its Climate Tech Fund. Electrifi Ventures and other angel investors also chipped in.

Investible investment manager Ben Lindsay said NRN’s business model aligns with the objectives of energy retailers and consumers, offering solar and battery installations without an upfront cost.

“Their innovative model addresses environmental and economic challenges, providing a scalable solution that benefits homeowners, energy retailers, and the broader energy grid,” he said.

“Working closely with Alan Hunter and the NRN team, we’ve witnessed their dedication and capability firsthand, and we believe they are poised to make a significant impact.”

The startup’s goal is to spend $100 million on renewables generation and storage for 15,000 homes by the end of 2026. In Australia, there are around six million homes still without rooftop solar or batteries.

Hunter, NRN’s CEO, said their ambition is to deliver solar and battery setups to 250,000 homes by 2030 and more than two million homes globally by 2040.

“Securing this Pre-Series A funding is a crucial step in setting the foundation for a large Series A round later this year,” he said.

“Over the next few months, we are working closely with Investible to prepare for the next capital raise, which will enable us to scale our operations and bring the benefits of solar and battery systems to more homes across Australia.”