bp ventures announced a $20 million AUD investment in 5B Holdings Pty Ltd, an Australian renewable company with technology that enables rapid deployment of solar electricity at scale.
The investment brings 5B’s Series B funding round of $55 million AUD to a close, co-led by existing investors The AES Corporation and Artesian.
The 5B Maverick®, 5B’s top solar technology, consists of up to 90 solar panels attached on specifically engineered frames that can be unfolded and installed quickly. 5B has deployed its technology at over 100 sites worldwide, with a total generating capacity of over 60MW.
This year, AES’ Andes Solar II B project in Chile’s Atacama Desert employed 5B Maverick to deploy panels with 1.1MW capacity – covering the equivalent of a soccer pitch – in a single day with a team of only 10 people.
According to bp, the funding injection will help 5B’s technology development and growth. It will also expedite 5B’s international expansion and aspirations to establish a North American production and assembly base.
bp ventures Principal Jonathan Stone, who will also be appointed to the 5B board of directors, said 5B’s unique solar technology could generate low-cost power quickly, assisting in meeting expanding electricity demand. Stone stated that this transaction is an excellent example of bp investing in a company that will help our renewable energy transition growth engine.
“We are delighted to be making an important 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,” Stone added.
bp’s gas & low carbon energy (G&LCE) business and 50-50 joint venture, Lightsource bp, will engage with 5B to identify the greatest possibilities to implement 5B’s Maverick technology on future bp and Lightsource bp projects. All three firms will continue to work on solar energy deployment to fulfil the growing need for reliable, accessible, and affordable power.
Chris McGrath, 5B Co-Founder and CEO, added: “It’s hugely encouraging to see bp’s transition and we look forward to working together to accelerate that effort. Collaborating with bp ventures and the broader bp businesses offers us a wealth of global commercial and operational expertise.
“It presents a great opportunity to deploy our 5B Maverick technology across a range of global markets. The backing of such an active and experienced venture capital team is a powerful validation of our technology and ability to support bp as it transitions to an integrated energy company,” McGrath said.
