The National Reconstruction Fund Corporation (NRFC) has invested $100 million in Intellihub, a leading energy management company that is working to accelerate the deployment of a smart, connected energy grid in Australia.
NRFC funding will be used to support the rollout of smart meters and the upgrading of Intellihub’s Evergen energy management software to enable integration with a wider range of smart home devices. It will also enable the company to develop and acquire new ‘Behind-The-Meter’ or BTM devices that can be integrated into its Evergen platform.
The debt investment is the NRFC’s first in its Renewables and Low Emission Technologies Priority Area.
About Intellihub
Intellihub is a Sydney-based company that was established in 2018 and currently manages a portfolio of more than 3.3 million smart meters across Australia.
Its proprietary Evergen software platform aggregates consumer energy resources from BTM devices into Virtual Power Plants or VPPs that can help to stabilise the grid, absorb excess daytime solar energy, and minimise usage when the energy grid is under stress.
This in turn helps individual consumers to save money on their energy bills by enabling them to better understand and manage their energy use.
Investment impact
Enabling Australia to meet its net zero decarbonisation targets
Investing in Intellihub helps to ensure that our national decarbonisation targets are achievable. One in three Australian homes has rooftop solar and investing in a smart metering and data intelligence business like Intellihub will contribute to the country’s energy transition while helping individual Australians to save money on their energy bills.
Transforming and diversifying Australia’s economy
A smarter energy grid lowers energy costs, contributes to industrial growth, and represents a fundamental shift in how Australia manages and distributes electricity. Intellihub’s VPP technology plays a key role in enabling the creation of a smart and stable energy grid.
Commercialisation of Australian IP
Intellihub’s proprietary Virtual Power Point or VPP technology was developed in partnership with the CSIRO.
Creating local jobs
As part of the rollout, the NRFC’s investment will help to support temporary local and regional meter installation jobs as well permanent roles in Intellihub service centres. Under the planned rollout, NRFC investment will help to transform and diversify Australia’s economy by creating additional highly skilled jobs in software, analytics, and energy services, as well as downstream jobs in logistics and warehousing, and with telecom and IT partners providing connectivity and data services.