5B, an Australian clean technology business and developer of MAVERICK – the prefabricated, rapidly-deployable solar solution – today announced successful completion of its AUD 12 million Pre-Series B funding round. 5B launched its Pre-Series B funding round in late 2020 to accelerate its technology development roadmap and expansion into new global markets, along with bringing new strategic impact investors into the business. The round was closed in April 2021, fully funded and over-subscribed.
The round was predominantly supported by existing investors, led by The AES Corporation (NYSE: AES) & Artesian Venture Capital and including Startmate & Eytan Lenko (Beyond Zero Emissions Chairperson). They were also joined this round by new investors including Malcolm Turnbull (former Prime Minister of Australia) & Simon Holmes à Court (Smart Energy Council Director).
Since the close of its Series A fundraising in mid 2020, 5B has continued to gain traction in the market and achieve important milestones for its MAVERICK solution, as it drives cost down and scales up delivery with its ecosystem of partners. Most notably is its first international project, with AES Panamá deploying 2 MW in 10 working days, and its first 10 MW+ scale project – with Enerven (for end customer SA Water), deploying a 12MW project in Adelaide, Australia – at a peak rate of nearly 3MW per week with a deployment team of only 6. 5B is also building a strong order book, including most significantly a 100 MW global services & supply agreement, with its lead strategic partner AES – including sales of the first MAVERICK projects in the United States, Chile & India, and first projects sold to other leading international solar power producers.
5B will deploy its Pre-Series B funding to continue to build its now 100+ strong team, establish a new clean energy campus as its headquarters in Sydney, accelerate its technology development roadmap – including forthcoming release of the next generation of MAVERICK products and their manufacturing & deployment, launch a series of new international markets (including the United States, Chile and India) and continue to develop its pipeline of projects and scale up with its ecosystem of partners at home and internationally in readiness for the 10s and 100s of GWs to come.
“We are at the cusp of what will arguably be the next industrial revolution for the world, driven by ultra low-cost, massively abundant clean energy from solar PV. The only remaining question is not if, but how quickly, we will achieve this.” said Chris McGrath, Co-founder & CEO of 5B. “Continued alignment with our vision and growing confidence in our ability to uniquely contribute to this from our investors and partners is enabling 5B to keep running as hard and fast as we all need to be together to realise this future”.
5B is excited to welcome its newest group of investors to the business, including Malcolm Turnbull – the former Prime Minister of Australia – who said “5B is one of the most innovative Australian clean energy companies. Their MAVERICK technology is the keystone to unlocking the next generation of clean energy at the scale required to urgently address climate change”.
This media release was written from 5B’s HQ in Sydney which is on Eora land. In the spirit of reconciliation, 5B acknowledges the traditional custodians of country throughout the land we call Australia and their culture, identity, community and connections to land & sea. 5B pays respect to their Elders past, present and emerging, and extends that respect to all Indigenous peoples globally. 5B endeavours to learn from and build relationships with, along with reciprocate opportunities to, these peoples.
