The Clean Energy Finance Corporation (CEFC) has committed $3 million to Australian clean energy technology company EcoJoule Energy (EcoJoule), to support the deployment of grid strengthening technology and help future proof energy networks for increased uptake of distributed generation.
The CEFC investment via the Powering Australia Technology Fund (PATF), is part of EcoJoule’s $15 million capital raise.
The company’s innovative technologies help manage the impact of the rapid growth of distributed energy resources (DER), including rooftop solar, battery storage, and EVs. The growth of DER integration is introducing challenges such as bidirectional power flows and voltage variability in electricity networks, which were not originally designed to accommodate these impacts.
EcoJoule has developed unique solutions to these challenges to enable the optimisation of energy management across low voltage networks. Its EcoVAR product uses proprietary software and electronics to synchronise power across networks and correct grid voltage fluctuations, while its EcoSTORE battery technology reduces further pressure on the grid by storing excess energy generated during the day, releasing it when needed to improve grid power quality for consumers.
CEFC Head of Growth Capital, Malcolm Thornton, said: “The energy transition is changing the landscape of Australia’s electricity network and the way that energy is produced and distributed. The EcoJoule technologies address a key challenge in Australia’s transition to net zero by enhancing grid reliability and capacity for distributed generation.
“The PATF growth capital investment strategy supports fast-growing technology businesses, and by investing in EcoJoule, we are supporting a market leading Australian technology provider as they scale up and deliver more of their unique network solution to their customers.”
EcoJoule Founder and CEO Dr. Mike Wishart, said: “The CEFC backing helps us capitalise on the enormous opportunity presented by the global energy transition, both for Australia and internationally.”
Australia generated 18 per cent of its electricity from solar in 2024, up from seven per cent in 2019, and remains the country with the highest solar generation per capita at 1,8666 kWh, over seven times the world average. Under the Australian Energy Market Operator’s Integrated System Plan for the National Electricity Market (NEM), the NEM must almost triple its capacity to supply energy by 2050 to replace retiring coal capacity and meet increased electricity consumption as other sectors decarbonise through electrification.
CEFC finance is also supporting access to renewable energy for multi-tenant sites, and the roll out of smart meter technology solutions to help consumers to manage energy consumption.
The PATF is a $500 million fund to support the growth or expansion of clean energy technology projects and businesses to facilitate the development, commercialisation or take up of clean energy technologies. Lifetime commitments from the PATF to 31 December 2024 exceeded $176 million.
About the CEFC
The CEFC is Australia’s specialist climate investor, helping cut emissions in the race towards net zero by 2050. We invest in the latest technologies to generate, store, manage and transmit clean energy. Our discounted asset finance programs help put more Australians on the path to sustainability, in their homes and on the road. CEFC capital is also backing the net zero transformation of our natural capital, infrastructure, property and resources sectors, while providing critical capital for the emerging climate tech businesses of tomorrow. With access to more than $32 billion from the Australian Government, we invest to deliver a positive return for taxpayers.
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