Sydney-based solar technology startup BlueVolt, has secured $240k in seed funding investments from Artesian Venture Capital and private investors. With this new funding, the company will accelerate the product design and development of easy to install solar systems with battery storage, with a launch planned for later this year.
Plug-and-play renewable power – anywhere and everywhere
An alumni of EnergyLab’s accelerator in Sydney, BlueVolt produces easy to use, plug-and-play solar systems battery storage with a vision to disrupt the solar energy sector by targeting underserved market segments. In the last two years, the team made of three PhDs solar scientists from UNSW and one energy markets business expert has conducted extensive market research, completed EnergyLab’s acceleration program, partnered with electronics and industrial design collaborators, completed functional prototypes and conceptual product design.
“We are really pleased to see how far BlueVolt has come since going through our Acceleration program. I have had the privilege to work closely with the founders and have seen their vision take shape through tenacity and time. Innovative hardware projects can be slow and this capital raise is credit to their tireless work. We are pleased to have been able to support them.” said Piers Grove, Chair of EnergyLab
Looking ahead, BlueVolt plans to use its new capital to carry out detailed design of their first product and trial it in the marketplace, develop manufacturing and sales partnerships, as well as to develop a family of unique solar products. “The product we have today allows us to conveniently access power from the sun in a range of unusual environments. This new capital will allow us to further add value, creating a beautiful, convenient and unique product with the smarts to work in a range of different scenarios.” said Dr. Matt Edwards
Solar hardware, an attractive investment for Clean Technologies VCs
With solar energy cost going down, ever-accelerating take-up of residential solar and consumer push for decentralised energy, investment in solar hardware is more attractive than ever.
The company’s private investors had laudatory things to say about the company’s product.
“BlueVolt stands a real chance of significantly disrupting the currently inefficient solar industry. As an angel investor in numerous tech start-up’s, BlueVolt is among the companies I’m most proud to be involved with because it’s democratising electricity, taking power away from the power companies and helping remove carbon from our atmosphere. I’m so enthusiastic about their future, I’ll be participating in the next funding round to help scale the product.” said Nick McDonald, a private investor.
The company says it is targeting annual sales in Australia of more than $10M over the next 5 years.
Commercial Opportunities in India and the US and an urge to solve the climate crisis
“This funding marks the first step towards growing BlueVolt into a sustainable and profitable Australian business in an emerging market that is ripe with opportunities for savvy players both for wealth creation and saving the planet” BlueVolt co-founder Dr. Matt Edwards said.
As a priority, the startup is looking to grow its foothold in Australia, which Edwards says is “one of the best markets in the world” for the adoption of solar-powered energy-efficient technologies, before launching its offerings in India and the US in the coming years.
But beyond the commercial opportunity, it’s a sense of urgency and a genuine will to address the climate crisis that drives BlueVolt’s team forward:
“If we want to reduce carbon Emission to net 0 by 2050, a cheap source of energy like solar is our biggest hope. What we need is a situation where solar energy production can be even cheaper than today, and decentralised. If energy is generated at the point of use, we then don’t have to transport it, saving costs along the way and reducing energy demand to retailers. That’s what BlueVolt is all about, decentralised solar energy, reducing reliance on the grid. And most importantly, an affordable, beautiful and simple way to obtain solar power, that will truly improve access to energy to today’s underserved markets” Edwards said.
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