NRN secures AUD $1 million in pre-Series A funding round

The National Renewable Network (NRN) has announced the successful completion of a pre-Series A bridge funding round amounting to AUD $1 million. Led by the venture capital firm Investible, through its Climate Tech Fund, the round saw participation from Electrifi Ventures and other angel investors.

The investment aims to support NRN's mission to make renewable energy more accessible and affordable for Australians. The NRN model offers solar and battery installations to consumers at no upfront cost, promising immediate reductions in energy bills and potential property value increase. The move is aimed at making sustainable energy solutions more cost-effective and easier to adopt for households and businesses.

Investible contributed over AUD $400,000 to the funding round. "We are thrilled to support NRN in their mission to make renewable energy accessible to all Australians," said Ben Lindsay, Investment Manager of the Climate Tech Fund at Investible. "Their innovative model addresses both environmental and economic challenges, providing a scalable solution that benefits homeowners, energy retailers, and the broader energy grid."

This investment marks Investible's first collaboration with a company it encountered at the Greenhouse Tech Hub, Australia's largest climate action technology ecosystem and co-working community. Lindsay further highlighted the perceived dedication and capability of the NRN team, led by CEO Alan Hunter. "Working closely with Alan Hunter and the NRN team, we've witnessed their dedication and capability firsthand, and we believe they are poised to make a significant impact," he added.

The NRN model promises average annual savings of between AUD $700 and AUD $1,200 for homeowners, with no upfront costs for the installations. This business model is designed to offer long-term savings and value, leading investors to describe it as a "real painkiller." The company aims to create a growth flywheel, extending its solutions to other applications such as heating, cooling, and electric vehicle charging.

"Securing this pre-Series A funding is a crucial step in setting the foundation for a large Series A round later this year," said Alan Hunter, CEO of NRN. "We are grateful for the support of Investible, Electrifi Ventures, and our other investors. Their backing validates our vision and efforts to make renewable energy solutions affordable and accessible."

Hunter also noted the importance of preparing for the next capital raise. "Over the next few months, we will work closely with Investible to prepare for the next capital raise, which will enable us to scale our operations and bring the benefits of solar and battery systems to more homes across Australia," he stated.

Earlier this year, NRN secured a AUD $10 million funding facility from Catalytic Impact Capital, an impact and ESG-focused private credit business. This additional funding aligns with NRN's aim to equip hundreds of thousands of Australian homes with solar and battery systems by 2030, with a broader target to reach over two million homes globally by 2040.

The collaboration between NRN and Investible underscores the rising importance of innovative solutions in tackling climate challenges. With this new funding, NRN is well-positioned to move forward in its mission to provide renewable energy solutions that are both environmentally and economically beneficial.