Australian ‘plug and play’ solar manufacturer 5B has secured AU$12 million (US$9.27 million) to expand into new renewables markets.
Malcom Turnbull, the former Prime Minister of Australia, and Smart Energy Council director Simon Holmes à Court have invested in the company through a pre-Series B funding round, which was led by existing backers Fortune 500 company AES Corporation and investment manager Artesian Venutre Capital.
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5B said it will use the capital to establish a new headquarters in Sydney, fast-track the release of its range of Maverick fast-deployable solar products and launch new business operations in the US, Chile and India.
The company’s Maverick solution is comprised of module mounts arranged in a concertina shape at a 10 degree tilt. They are pre-fabricated in a factory before being rapidly deployed on site. The company claims that the system can be deployed much faster than traditional solar arrays.
5B launched its Series B funding round late last year, with plans to fuel its global expansion. The company said in a statement that the round ended in April “fully funded and over-subscribed”.
The company closed a AU$12 million Series A investment round last July that had sourced financing from investors including AES.