Queensland renewables storage veteran charges up with $15 million raise after a decade bootstrapping

A Queensland renewable energy tech company  has taken on its first external investment, banking $15 million in a round led by Ellerston Capital’s Industrial Growth Fund and Fifth Estate Asset Management.

The raise for EcoJoule Energy, which provides solutions for managing renewable energy integration, will be used for international expansion, as well as a national roll out.

EcoJoule’s renewable energy management solutions include pole-mounted community energy storage units, which store excess solar energy for later use, and voltage regulation devices that help distribution networks manage fluctuating power levels.

The Brisbane-based company has around 20 employees with customers such as Endeavour Energy, Essential Energy, Ausgrid and AusNet Services.

Founder and CEO Dr Mike Wishart said the raise represents a significant milestone for the company.

“Ellerston understands our vision and brings valuable long-term investment expertise to the table,” he said. “Their support will help us capitalise on the enormous opportunity presented by the global energy transition.”

The company plans to expand into global markets, including the UK, Europe, Southeast Asia, and South America.

Wishart said EcoJoule’s technology is globally unique, backed by a worldwide patent, and cuts costs for energy infrastructure suppliers.

“We’re helping utilities manage the shift from a one-way electricity system to a dynamic, decentralised grid where rooftop solar and other decentralised low carbon technology equipment such as EV chargers become major factors,” he said.

“As renewables, particularly household solar, become more prevalent, our energy grids become more unstable, which is a significant challenge for distribution network service providers. Our technology provides a cost-effective alternative to major grid upgrades.”

There are now around four million rooftop solar installations operating in Australia, with a further 300,000 new systems installed annually.

Ellerston Capital investment partner Mark Paton highlighted the potential for rapid growth, given the increasing demand for grid stability solutions.

“Australia’s energy grid, and grids worldwide, are under immense pressure as the transition to renewables accelerates,” he said.

“EcoJoule’s technology provides a cost-effective solution for electricity distributors, delivering real cost savings for everyday consumers.”