Allegro Energy Raises $17.5M to Scale Water-based RFBs for Sustainable Energy Storage
The energy storage sector is facing increasing pressure to support the transition to renewable energy, especially as global efforts to combat climate change escalate. Traditional battery technologies, such as lithium-ion batteries, present numerous challenges, including cost, safety concerns, flammability, and environmental impact. In particular, long-duration energy storage systems are critical to maintaining energy stability from renewable sources like solar and wind, which generate intermittent energy. Without efficient storage solutions, surplus energy is wasted, making the transition to a fully renewable energy grid much more difficult. Addressing these challenges is essential to enabling a sustainable energy future.
Allegro Energy, a Newcastle-based startup, is tackling these industry-wide issues with innovative technology that offers a clean, efficient, and scalable solution for renewable energy storage. The company has developed water-based Redox Flow Batteries (RFBs), which offer significant improvements over traditional energy storage methods. Allegro’s RFBs are non-flammable, non-corrosive, recyclable, and less expensive, making them safer and more sustainable than competing technologies. These features not only reduce the environmental impact of energy storage but also lower the cost of renewable energy solutions, paving the way for wider adoption.
Through a recent $17.5 million Series A round, Allegro Energy plans to accelerate its manufacturing capabilities and scale up its technology. The funds will support the construction of an 800 kWh pilot plant at Origin Energy’s Eraring site, with potential to develop a 60 MWh pilot plant and later build a gigafactory. This fundraising round was led by The Grantham Foundation, a US-based climate change philanthropic fund, with additional backing from Lightbank, Origin Energy, Melt Ventures, and Impact Ventures.
The development of Allegro’s energy storage technology could play a pivotal role in overcoming the current barriers to renewable energy adoption. By providing a reliable and affordable way to store energy, Allegro is not only contributing to the growth of clean energy but also supporting global efforts to mitigate climate change. Their solution is expected to have a transformative impact on the energy landscape, enabling a future where clean, renewable energy is the norm.
Source: Start-up Daily
Technologies Used:
- Water-based Redox Flow Batteries (RFBs): Used for renewable energy storage; they are safer, more cost-effective, non-flammable, and recyclable compared to traditional batteries.
- Supercapacitors: Enhances energy storage performance and safety, offering a clean, non-corrosive, and scalable solution for energy storage.
SDGs Impacted:
- SDG 7 (Affordable and Clean Energy): Allegro’s technology enables the storage of renewable energy, helping to increase access to affordable, reliable, and clean energy.
- SDG 9 (Industry, Innovation, and Infrastructure): By developing advanced energy storage technology, Allegro fosters innovation in industrial infrastructure that supports sustainable practices.
- SDG 13 (Climate Action): Allegro’s energy storage solution facilitates a transition towards renewable energy, thereby reducing carbon emissions and supporting global climate action efforts.
Sustainability Focus:
- Energy Storage and Climate Change: Allegro’s solution addresses the critical need for efficient and sustainable energy storage technologies to support the global shift towards renewable energy. By offering safer, recyclable, and cost-effective energy storage solutions, the company contributes directly to reducing carbon emissions and mitigating climate change impacts.
- Resource Efficiency: Allegro’s non-toxic, water-based RFBs improve resource efficiency by reducing reliance on rare and hazardous materials commonly used in traditional batteries, enhancing the sustainability of energy storage systems.
Other Details:
- Company: Allegro Energy
- Industry: Utilities
- Amount Raised: $17.5 million
- Investment Round: Series A
- Geographic Focus: Australia
Key Investors:
- The Grantham Foundation (USA)
- Lightbank (USA)
- Origin Energy (Australia)
- Melt Ventures (Australia)
- Impact Ventures (Australia)
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