Attracting international investors, Allume is solving for solar sharing
Allume has raised $10.4Million to scale their rooftop solar solutions.
Melbourne-based shared rooftop solar pioneer, Allume, has raised a further $A10.2 million in support of its SolShare solution for apartments, including more than $A8 million from the UK arm of European energy giant E.ON.
Allume switched on its first commercial shared solar system in May of 2018, at a mixed residential and retail building in bayside Melbourne, and has not looked back since, taking its solar ceiling-smashing technology around the country and to booming overseas markets, including the US.
The latest UK-based fundraising round follows successful raisings of $2.2 million in 2019, $6 million in 2021 and $7 million in 2022, with backers ranging from US investors Elemental Excelerator and the Schmidt Family Foundation, to local investors Taronga, Trawalla and Mirvac.
Allume team with their award-winning Solshare product
In 2024 Allume also secured a $3.8 million grant from the federal government’s Industry Growth Program, to help scale its local manufacturing.
Backed by incentive schemes in Victoria, New South Wales and the ACT, Allume says its installation base is growing by 10% a month and its revenue is forecast to more than double in calendar 2025.
The Melbourne-based company is on track for 10,000 apartments to be connected globally by the end of the year.
“We’re seeing a huge acceleration in demand over the past couple of years,” Allume CEO and co-founder Cameron Knox said this week.
“We are currently growing at 10% per month and expect to have connected over 10,000 apartments across Australia, the UK and the US by the end of this year.
This article first appeared in Renew Economy
