ReNu Energy Limited announced that Origin Energy had acquired a 5% interest in Allegro Energy Pty Ltd for $4 million, supporting the staged development of a 60MWh pilot Redox Flow Battery.
Under the agreement, Origin will also assist Allegro Energy in funding its first gigafactory.
Allegro Energy has developed water-based Redox Flow Battery and supercapacitors that are non-flammable, non-corrosive, recyclable, and do not rely on limited resources. According to ReNu Energy, Allegro Energy’s proprietary water-based electrolyte is at the heart of both technologies, enabling energy storage that is potentially less expensive and safer than rival technology.
Allegro Energy will leverage Origin’s first $4 million investment to create an 800kWh pilot Redox Flow Battery at Origin’s Eraring Power Station. Origin has the option to make additional investments in Allegro Energy, including funding the deployment of a 60MWh RFB at one of Origin’s facilities.
Following the conclusion of Origin’s initial investment, ReNu Energy currently owns about 4.86% of Allegro Energy’s issued share capital, which it acquired for $450,000 in December 2021.
“This is a powerful endorsement of our proprietary battery technology and an exciting moment for our team. Origin’s support will help us develop large-scale manufacturing of our RFBs which will deliver a cleaner, cheaper and safer global storage solution to the worldwide energy market. Origin’s stake in Allegro provides strong evidence of the need by energy retailers and others in the sector to answer the long duration energy storage challenge, which McKinsey has estimated represents a total addressable market of US$3.5 trillion,” Allegro Energy Co-founder and CEO Professor Thomas Nann said.
