Brighte raises $ 100 million for solar power retail

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Origin offers a similar service to Brighte’s – it also finances customers’ solar panels and charges them gradually – but must worry about cannibalizing its large-scale sales of coal, gas and renewable energy.

This is not a problem for Brighte. “Brighte may be able to outperform large retailers through a more targeted offering tailored to solar technology and demand management,” said Tristan Edis, director of Green Energy Markets.

“Big players like Origin offer similar products but will be worried about cutting their lunch – they will always evaluate any smart energy technology offer to customers against their impact on their generator portfolio.”

Brighte has not yet put together the packages it will offer to customers. But when they do, Edis said batteries and demand switching devices will be the key to extracting the difference in value between low prices when it’s sunny and high prices in the evening when energy consumption increases and production. solar decreases.

Established in 2015, Brighte was one of the first providers to buy now, pay later online financing for home energy improvements such as solar panels and home batteries.

“Four years ago Brighte changed the solar industry when we introduced a digital point of sale solution. We plan to do so again by providing Australian households with a single seamless solution for energy finance, retail and revenue, ”said McConnell.

McConnell relies on customers who value vertical integration, purchasing solar panel batteries and electricity contracts in one place.

“What we have achieved in four years is just the beginning. This is a $ 45 billion a year market opportunity, of which $ 3 billion is solar, batteries, and FCAS [frequency control ancillary, or grid stabilisation – services] – and there is significant room for more growth. “

But Mr Edis warned that one of the biggest challenges the company will face is that Australian solar panel customers have been very good at “unbundling” their electricity consumption, meaning they feel very comfortable in the process. separate their rooftop solar panels from their dealers.

The $ 100 million Series C capital increase was led by Grok Ventures, the investment firm of Mike and Annie Cannon-Brookes, completed by existing investors Qualgro, a Singapore venture capital firm, Airtree Ventures and Kim Jackson, and Scott Farquhar’s Skip Capital.

Brighte has raised a total net worth of over $ 145 million and debt totaling $ 500 million since then 2016, including Australia’s first fully green asset backed security deal in the Australian government debt market.

The bond allows Brighte to launder capital provided by the National Australia Bank for additional unsecured loans for home installations of solar panels and batteries.

It was the first time that all loans in a public market operation were certified green.

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