allegro energy raises AUD $17.5m in series A funding round

Allegro Energy, the Australian company known for its water-based energy storage technology, has announced the completion of its Series A funding round, raising AUD $17.5 million from a blend of global and local investors. The funding round attracted significant attention due to Allegro's advancements in Long-Duration Energy Storage (LDES).

The Grantham Foundation, a notable global investor with a history of supporting various climate innovations, led the investment. Established in 1997, the foundation has backed numerous entities across domains such as carbon capture, soil health, and renewable energy. Chicago-based Lightbank also joined the funding round, further illustrating the broader interest in Allegro's technology. Local investors participating in the round include Origin Energy, Melt Ventures, and Impact Ventures.

"These funds will help us rapidly accelerate our manufacturing capacity," stated Dr. Thomas Nann, Allegro's co-founder and CEO. "We are thrilled to be among the companies to have been given global recognition by The Grantham Foundation while also successfully drawing critical local capital and strategic support from some of the leading names in the renewable energy space."

Allegro Energy's product portfolio includes water-based Redox Flow Batteries (RFB) and supercapacitors. These products are notable for being clean, non-flammable, fully recyclable, and free from scarce materials or complex supply chains. The underlying technology relies on a unique microemulsion electrolyte, which Allegro claims makes their energy storage solutions more affordable and safer compared to existing technologies.

Sam Lefkofsky of The Grantham Foundation commented on their investment, saying, "We welcome the opportunity to support this revolutionary technology which we believe is poised to change the conversation around clean storage and lead to a rapid adoption of cheaper, cleaner and more abundant energy."

Piers Grove, General Partner at Impact Ventures, also expressed confidence in Allegro's potential. "We are excited to be supporting the ongoing development of Allegro's ground-breaking technology ever since their early days with EnergyLab. Our commitment to supporting founders engaged in deploying critical environmental solutions at scale is captured in Allegro's vision and potential to transform long-duration energy storage at a global level."

According to Trent Bagnall, Managing Partner at Melt Ventures, the technology developed by Allegro Energy could be substantially transformative. "Allegro Energy's unique technology has enormous potential to revolutionise the way we store energy. The storage of renewable energy is undoubtedly a huge challenge in the energy transition. The adoption of Allegro Energy technology will be critical to solving this challenge."

This Series A funding follows a prior development where Origin Energy acquired a 5% stake in Allegro Energy last year. Both companies are planning to complete an 800 kWh pilot redox flow storage solution at Origin's Eraring site later this year, marking a significant step in their collaborative efforts.

Allegro Energy remains committed to advancing its technology and scaling its production capabilities. According to Dr. Nann, the strategic and growth capital secured from this funding round will play a crucial role in driving Allegro's mission to provide safer, cleaner, and more cost-effective energy storage solutions globally.