A brand new export trade for Australia – sending inexperienced electrical energy offshore by way of cable – has moved a step nearer with information that the large Solar Cable export undertaking has raised new capital.
Billionaires Mike Cannon-Brookes and Andrew Forrest led a $210 million Sequence B capital elevating from present shareholders introduced on Sunday evening.
The fund elevating was led by Cannon-Brookes’ Grok Ventures and Forrest’s privately owned Squadron Vitality, although the extent of their contribution and shareholding has not been revealed.
Different shareholders in Solar Cable embrace founders and executives David Griffin,and Mac and Fraser Thompson.
The $30 bllion plus Australia-Asia PowerLink (AAPowerLink) will provide renewable electrical energy to Darwin and Singapore, powered by as much as 20GW of photo voltaic arrays and extra 36GWh of battery again up.
Griffin mentioned in a press release: “Solar Cable has developed distinctive mental property to facilitate the optimum design of complicated dispatchable renewable electrical energy era and transmission tasks.
“We’ve got developed a world main functionality in 4 brief years. We’re thrilled to have materially strengthened our assets with the help of all of our shareholders, who’re such sturdy advocates for our mission.”
Solar Cable beforehand raised $50 million in 2019, with the brand new funds anticipated to take the corporate to the purpose the place financing is full and a go forward imminent.
The corporate reached a milestone with the announcement of the Built-in Challenge Supply Staff (IPDT) on 20 October 2021 that features Bechtel, Hatch, Marsh, PwC Australia and SMEC (a member of the Surbana Jurong Group).
Image: Solar Cable
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