This startup raises series B to plug clean energy into Southeast Asian grids

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Melbourne-based GreenSync has bagged US$8.7 million in series B funding to take its technology to international markets, including Southeast Asia. The round was led by the Australian government’s Clean Energy Finance Corporation and Southern Cross Venture Partners, which is partly owned by SoftBank China Venture Capital.

GreenSync uses software and algorithms – which it calls “smart control” – to plug renewable energy like solar and wind, as well as battery storage systems, into power grids. The software sits above the traditional grid, managing dispatch among energy providers and giving consumers access to a particular energy resource at a time.

Current electricity grids can only connect around 20 percent of renewable energy as a power source due to concerns about supply (i.e., if the sun stops shining or the wind stops blowing). So what GreenSync does is manage loads from different energy sources – renewable, stored, and traditional sources – integrating each supplier’s system to get an overview of the loads. The software also has a predictive analytics feature, which monitors factors such as weather and peak times to make renewable energy more stable and ultimately increase the connection of renewables up to 80 percent, the company explains.

“By managing electricity loads, our technology harmonizes the use of renewable, stored, and where needed, traditional energy resources – ensuring a reliable, clean, and affordable flow of energy is available,” founder and CEO Phil Blythe tells Tech in Asia. “We’re a key player in helping create a decentralized energy economy.”

GreenSync works with the entire energy spectrum – from transmission and distribution companies to large industrial and commercial facilities, and residential areas. In Australia, it partners with more than 50 percent of energy utilities. Its latest project aims to enable tapping of renewables generated by households and businesses in the Mornington Peninsula region, deferring the need for a multimillion-dollar investment in poles and wires from the local energy provider.

Phil says they will use the funds to scale up in Australia and expand to new markets, starting with Southeast Asia after having recently opened an office in Singapore. Pilots are also underway in the US and Europe.

Shift towards clean energy

“There is huge opportunity for GreenSync in Southeast Asia, as the region is really at the forefront of the renewable energy movement in terms of market readiness, demand with growing populations and developing cities, and also being a hub for the production of solar and battery technologies, particularly in Korea and China,” Phil tells Tech in Asia.

He says their technology is designed to integrate with most type of existing energy infrastructure.

“The infrastructure in Australia that is being transformed by the shift towards solar and wind is more or less the same type of infrastructure found throughout Southeast Asia. The key variable is how quickly these regions are undergoing a shift in their energy mix,” he adds.

Asked how they plan to tackle varying power regulations across markets, Phil responds, “We partner with the major energy players and users in any given country, so while it’s true each regulatory environment is unique, we’re heavily embedded with those who are already complying with regulations, we don’t act ‘above’ regulation in that sense.”

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