Rinnai Australia, owned by Japanese appliance manufacturer Rinnai Corporation, has expanded into the solar PV and energy storage space by acquiring Smart Energy Group.
Smart Energy, a nationwide Clean Energy Council-approved solar energy and energy storage retailer, was founded in 2016 with plans to support the Australian adoption of solar PV technologies. The group has over 200 staff with offices in Byron Bay, Newcastle, Sydney, Hobart, Adelaide, Wollongong, Melbourne, and Brisbane.
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According to Rinnai Australia, the acquisition represents a “significant step forward for both companies, enhancing their capabilities and offerings in the renewable energy sector”. Interest in the Australian rooftop solar PV sector continues to increase, with consultancy SunWiz revealing that 302MW nationwide had been installed in July 2024.
The acquisition will also help Rinnai Australia create a one-stop-shop for decarbonised solutions, particularly with its current portfolio featuring technologies such as green hydrogen. Green hydrogen for heating has already been explored in Japan, and the company plans to potentially use the clean energy carrier in the Australian market.
Rinnai Australia also offers other decarbonised technologies, such as heat pumps and a geothermal system, which grant renewable energy-produced heating, cooling, and hot water. Adding Smart Energy Group to its ranks will help add additional renewable energy generation assets to its portfolio, such as solar PV and energy storage systems.
Lucas van Raay, managing director of Rinnai Australia, said that this will help offer fully integrated solutions for households and businesses looking to decarbonise.
“This strategic move enables us to accelerate the adoption of renewable energy technologies across Australia, offering fully integrated solutions that combine energy efficiency with home comfort and convenience,” Raay said.
The acquisition will be completed for an undisclosed sum.
Japanese influence continues to expand into Australia
Rinnai Australia’s acquisition of Smart Energy Group comes just days after Japanese power company J-Power revealed it had agreed to acquire Genex Power, an Australian renewable energy and storage developer, in a deal worth AUS$351 million (US$229 million).
Revealed last week (31 July), J-Power secured 1,278,187,135 shares at a consideration price of AUS$0.275 and plans to expand its operations in Australia in an attempt to capitalise on the growing interest surrounding renewable energy and net zero.
