Green energy infrastructure startup National Renewable Network (NRN) has secured $10 million in funding as part of its ambition to provide low cost solar and battery setups to 250,000 Australian homes by 2030.
The funding facility of up to $10 million has come from Catalytic Impact Capital, an impact/ESG-focused private credit business offering secured loan solutions for net zero solutions.
Founded in 2021 Sydney-based NRN has previously raised $3.5 million for its plans, which spending $100 million to install solar and battery systems in 15,000 homes over the next three years, Its B2B model means customers can avoid the upfront costs and complicated finance deals.
Founder and CEO Alan Hunter said that with a typical solar battery system can cost more than $20,000 making it prohibitive for many Australian families.
“As an energy infrastructure platform, NRN is challenging Australia’s current linear, expensive and outdated electricity supply chain by upgrading homes and businesses to produce, store and use their renewable energy,” he said
“The NRN platform offers energy retailers the opportunity to overcome substantial upfront cost barriers to provide consumers with solar and battery solutions.”
The $10 million will see more than 600 solar battery systems across Australia over the next few months, saving current customers more $6 million in the next decade, Hunter said.
“Our customers will save more money through our energy plans than buying their own system,” he said.
“Our unique model allows us to equip both owned and rented homes and businesses with solar and battery systems. This is more than an energy solution; it’s a commitment to making sustainable living achievable for every Australian, regardless of their housing situation.”
NRN has four energy plans active and recently partnered with Diamond Energy. Hunter said an average NRN customer saves between $750 and $900 annually based on their energy bills before signing up with an NRN-partnered energy retailer.
Diamond Energy’s Mark Bertoncello said that by working with NRN they’ve been able to help deliver a no upfront cost solar and battery solution.
“Our unique solution helps make the solar and battery even more affordable to our customers with the benefits delivered through our electricity bill,” he said
“NRN is fostering an inclusive approach to renewable energy. By joining the National Renewable Network, households and businesses can benefit from a fully installed solar battery system without worrying about financial constraints.”
Catalytic Impact Capital CEO and cofounder Paul Byrne, said they were pleased to collaborate NRN to cut the financial barriers obstructing the roll-out of solar systems.
“We firmly believe in the business model and the ecological advantages of advancing the adoption of clean, sustainable solar energy systems,” he said.