Australian innovator 5B is accelerating the development and rollout of its flagship clean technology solution Maverick after securing A$12 million in a Series A investment round.
One of the major investors is AES Corporation, a Fortune 500 power company with over 35 gigawatts of power generation globally.
AES also entered into a strategic partnership with 5B to implement the Maverick solution across its projects around the world. These projects include two solar projects in Panama, as well as the 10MW Los Andes solar facility in Chile’s Atacama Desert.
‘Solar is the most abundant clean energy source in the world, and 5B’s innovative design produces twice the energy for any given area,’ says Andrés Gluski, President and CEO of AES.
‘In addition, a project using 5B’s technology can be built in a third of the time when compared with conventional solar. These significant advantages will help us meet our customers’ growing needs in today’s ever-changing environment.’
The Maverick solution is a modular, plug-and-play solar solution which is pre-fabricated in a factory and rapidly deployed onsite – accelerating, streamlining and reducing the cost of delivering solar projects. Maverick will be utilised to deliver the world’s largest solar project, Sun Cable’s 10 GW Australia-ASEAN Power Link, which was recently awarded Major Project Facilitation Status by the Australian Government.
‘The potential of the partnership we have formed is hugely exciting and palpable to all involved: AES share our vision for a clean energy future and the significance of 5B’s contribution to this,’ says Chris McGrath, 5B’s Co-founder and CEO.
‘They are incredibly well placed to accelerate us on this mission – across its access to capital, global pipeline of projects and customers, depth of sophistication and experience in the market and portfolio of world-leading technology businesses.’
AES has a track record of accelerating innovative technology platforms in the energy sector – including through its co-creation of Fluence, the world’s largest grid-scale energy storage business, and Uplight, the US’s leading digital energy management platform.
Founded in 2013 by solar engineers Chris McGrath and Eden Tehan, 5B develops and delivers technology and solutions that make clean energy more competitive, accessible and powerful. The company’s technology development and pilot production takes place at its Sydney headquarters, with its Australian assembly partner IXL Solar based in Adelaide. It has a presence in the US, South Africa, Germany and China.