Virescent Ventures, Australia’s largest and most active climate tech VC fund, has today confirmed a substantial equity investment in National Renewable Network (NRN). Virescent Ventures is the largest equity investor in the $67.2 million debt and equity raise in the ambitious scale-up.
NRN seeks to unlock the potential of virtual power plant technology and help unleash a wave of battery storage capacity throughout Australia. NRN’s innovative business model sees the company partner with energy retailers and solar installers to increase the uptake of household solar and battery storage technology with no upfront fees for customers while deploying market leading virtual power plant infrastructure and digital platforms.
NRN enables energy retailers and solar installers to scale their distributed renewable offerings rapidly without holding assets on balance sheet.
Commenting on the investment, Virescent Ventures Partner Blair Pritchard said:
“Virescent Ventures is proud to be the largest equity investor in NRN’s Series A. Alan Hunter and the NRN team have built a smart, scalable solution to one of the most pressing challenges facing Australia’s energy transition – grid stability.
“Australia’s transition to renewables has reached a critical moment – without the rapid deployment of battery storage and distributed generation technology, the energy transition will stall. NRN’s business model and technology can help address this by rapidly unlocking additional storage capacity, while democratising access to solar and battery technology. It will help more households benefit from renewable energy and battery technology without the upfront costs, while helping retailers and easing pressure on the grid.
“NRN presents a smart solution for consumers and the energy market, and a big step forward in decarbonising the electricity grid.”
NRN is now accelerating the rollout of its national platform and expanding its role as the connective layer between industry, government, and regulators. The company is focused on enabling widespread access to renewables, strengthening partner businesses, and delivering savings for consumers.
Alan Hunter, Founder and CEO of NRN said:
“Partnering with Virescent Ventures is a significant step in scaling NRN’s national platform. Their deep sector expertise and track record in backing high-impact climate tech will help us accelerate battery deployment, strengthen grid stability, and expand renewable access for households across Australia. Together, we can move faster to deliver the next generation of energy infrastructure.”
The equity investment in NRN follows Virescent Ventures’ investment in New Zealand based ultra-fast EV charging infrastructure company Kwetta, and is the second investment announced under Virescent Ventures’ second climate technology fund (Fund II). Virescent Ventures is accelerating its assessment of other investment opportunities, with further announcements on additional investments expected imminently. Fund II is backed by cornerstone investors Westpac, the CEFC and Queensland Investment Corporation (QIC).
Other capital providers involved in the NRN Series A funding round include Investible, Infradebt managed funds, and Ecotone Partners.
To find out more about NRN visit: www.nrn.com.au.
