- ReNu Energy (RNE) pens a subscription deal with renewable energy tracer Enosi Australia and gets set to invest $500,000 in two equal tranches
- The proposed investment, which is subject to ASX consultation, is poised to advance RNE’s renewable and clean energy incubator-accelerator strategy
- Enosi’s Powertracer enables customers to trace their renewable energy mix and retailers to sell clean energy direct at prices specific to the source
- ReNu shares are up four per cent at 5.2 cents each at 1:40 pm AEST
ReNu Energy (RNE) has penned a subscription deal with renewable energy tracer Enosi Australia and is set to inject $500,000 into its partner in two equal tranches.
While subject to ASX consultation, the proposed investment is poised to advance RNE’s renewable and clean energy incubator-accelerator strategy, giving the company access to Enosi — the developer of a new class of Energy-as-a-Service (EaaS) technology.
Specifically, Enosi created Powertracer — a “first of its kind” grid-scale trading and tracing solution that enables customers to trace their renewable energy mix 24/7 and energy retailers to sell clean energy at prices specific to the source.
The platform matches units of energy produced by generators with units consumed by customers and utilises scaleable cloud-based technology to reveal the true renewable content of energy purchased.
Notably, the proposal forms part of a broader funding round designed to support ongoing platform development and expansions. On completion, ReNu will hold 6.1 per cent of Enosi’s issued share capital on a post-money basis.
ReNu’s CEO Greg Watson commented on the deal.
“There is a strong demand among corporate groups and consumers to progress a true zero carbon future and the Powertracer technology provides significant advantages when pursuing this,” he said.
“Real time traceability is a new class of EaaS technology and Enosi is at the forefront of its development”.
Enosi CEO Steve Hoy said the company welcomed RNE’s investment.
“Like us, ReNu Energy believes that initiatives to reach 100 per cent renewable energy without the use of carbon offsets require traceability,” Mr Hoy said.
“Powertracer not only delivers a solution to large enterprises, it unlocks the promise of clean energy and true zero carbon for all households and businesses, starting in Australia, going global”.
The first tranche of the deal is expected to be completed this month, with the second to follow on November 30.
In Australia, Enosi has already signed five electricity retailers to integrate its tech into their metering and billing systems and is eyeing an overseas expansion into Western Europe, the US and Japan.
ReNu shares were up four per cent, trading at 5.2 cents each at 1:40 pm AEST.