Allume Energy, a Melbourne, Australia-based solar energy company, raised $1.5M in Bridge Funding.
The round saw participation from Elemental Excelerator and the Schmidt Family Foundation.
Led by CEO Cameron Knox, Allume has developed a technology, SolShare, which enables fair sharing of solar energy from a single rooftop solar PV system amongst multiple dwellings within the same building. This helps apartment residents from accessing cheaper and cleaner energy from the sun. With an established market in Australia, where Allume is already providing around 2,000 apartments with clean affordable energy globally, the company is now growing in the UK and the U.S.
The company intends to use the funds to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia and Mississippi.
The first U.S. pilot project in Orlando has indicated an average annual savings of $1166 per apartment in the first year of operation, including net metering credit savings. Allume expects its new projects across the Sun Belt over the next year will prevent over 10,000 tons of CO2 emissions (equivalent to taking over 2,000 cars off the road for a year). The company will soon begin installation of its second project in Orlando, bringing the number of U.S. installations to three (the other site is in Jackson, MI).
FinSMEs
30/08/2023