5B Holdings Pty Ltd, an Australian renewable energy company is the subject of a $20 million Australian investment by BP ventures.
A promising technology
5B Holdings Pty Ltd is developing technology to enable rapid deployment of solar energy on a large scale. The investment closes 5B’s A$55 million Series B funding round. In addition, investors The AES Corporation and Artesian are co-managing the investments.
The company uses 5B Maverick solar technology with up to 90 solar panels mounted on frames. This allows them to be deployed quickly. To date, 5B Holdings Pty Ltd deploys its technology in more than 100 sites worldwide with a total production capacity of approximately 60MW.
This year, 5B Maverick deployed panels with a capacity of 1.1MW. The company covered the equivalent of a soccer field in a single day. In addition, only 10 people were involved in the AES Andes Solar II B installation in the Atacama Desert in Chile.
A capital injection
BP’s capital injection will support the technology development and growth of 5B Holdings Pty Ltd. Thus, BP’s support will also accelerate the company’s international expansion. Johnathan Stone, director of bp ventures, who will join 5B’s board of directors, says:
“5B’s innovative solar technology can provide rapid, low-cost power generation, helping to meet the growing demand for electricity. This transaction is a fantastic example of bp’s investment in a company that will support our growth engine of renewable energy transition. It is also another part of our multi-energy country strategy that will support the decarbonization of energy in Australia. We are delighted to make a significant contribution to 5B’s Series B funding round and look forward to helping them accelerate their expansion through collaboration with various parts of our business.”
BP’s low-carbon gas and energy business (G&LCE) and the 50-50 Lightsource bp joint venture, along with 5B, will explore opportunities. The partners will collaborate to deploy 5B’s Maverick technology on future BP and Lightsource bp projects. The three companies will continue to work on deploying solar energy to meet the growing demand.
Chris McGrath, co-founder and CEO of 5B, states:
“It is extremely encouraging to see bp’s transition and we look forward to working together to accelerate this effort. The collaboration with bp ventures and the broader bp businesses provides us with a wealth of global commercial and operational expertise. This is an excellent opportunity to deploy our Maverick 5B technology in a range of global markets. The support of such an active and experienced venture capital team is a powerful validation of our technology and our ability to support bp in its transition to an integrated energy company.”
5B Holdings Pty Ltd is looking to transform the delivery of solar projects with its 5B Maverick solar solution. As a result, the company has a growing base of more than 50 customers served by a network of 5B ecosystem partners.
