Australia-based climate tech startup MetroElectro has received AUD 1.04 million ($680,000) to develop mid-sized renewable power plants from Singapore-based climate tech venture builder Wavemaker Impact.
In a statement released, MetroElectro stated that the funding helps the company get closer to realizing the enormous potential of distributed energy resources (DER) for commercial and industrial (C/I) applications.
With the help of the pre-seed funding, the business will be able to advance to the next stage of creating several pilot projects in a posh industrial park in Melbourne’s outer suburbs and seize additional funding opportunities to accelerate the decarbonization of the nation’s electrical grid.
With a goal of reaching AUD 100 million ($65.84 million) in revenue and reducing 100 million tons of carbon dioxide in the near future, MetroElectro is aiming to capture the AUD 672 billion ($442 billion) market for C/I renewable energy in Australia and abroad.
“Our mission to build a portfolio of companies that can decarbonize 10 percent of global carbon emissions compelled us to look at Australia and see it as one of the most advanced markets in innovation and commitment to reaching climate goals,” said Marie Cheong, Wavemaker Impact Founding Partner.
“MetroElectro embodies how we see our vision come to life in this market and its role in decarbonizing our future,
“We look forward to the success Lloyd will bring in Australia and beyond in the next few years,” she added.
Unlocking the enormous potential of commercial and industrial rooftops is the mission of MetroElectro, a cutting-edge renewable energy company.
Lloyd Heinrich, a seasoned digital business entrepreneur, founded the company.
It worked with investors, industry experts, and companies in the C/I sector to develop its creative solution.
The company stated that Australia needs to accelerate the deployment of renewable energy sources as it is currently falling short of its ambitious target of 82 percent renewable power generation by 2030.
Grid-scale renewables projects have been hampered, it said, by approval delays, dwindling community support, and the prohibitively high cost of upgrading transmission networks.
In Australia, there are currently roughly 7 gigawatts of grid-scale solar power and roughly 16 gigawatts of small-scale residential rooftop solar power installed, according to MetroElectro.
The “missing middle” of C/I applications, with only roughly 4 gigawatts of installed capacity, is allegedly the laggard.
