The Clean Energy Finance Corporation is investing $2 million in clean-tech company Wattwatchers to help expand production of its award-winning measurement device that helps consumers to better control their energy use and costs.
CEFC CEO Ian Learmonth said that high energy prices and rooftop solar’s high domestic uptake provide the perfect opportunity to work smarter with energy.
“We’re supporting the development of an innovative electricity market that hands Australian households and businesses the opportunity to get more control over the way that they consume and produce energy,” Mr Learmonth said.
“Wattwatchers represents what we expect will be the first wave of innovative behind-the-meter technologies that can provide ongoing savings for householders and businesses, while delivering information that can also improve the security and stability in the supply of energy from the grid.”
The Wattwatchers device makes it possible to see what is driving power consumption. Most consumers currently get their energy usage data retrospectively with their electricity bill, based on a meter reading that can be as infrequent as once a year. The Wattwatchers device provides real-time data at whole-of-home and business and individual circuit levels.
The CEFC’s $2 million investment, through the Clean Energy Innovation Fund, is part of Wattwatchers’ $4 million 2017 Series A capital raising.
The first $2 million tranche is held by Renewable Energy Venture Capital fund (REVC), which is independently managed by Southern Cross Venture Partners (SXVP) for co-funders the Australian Renewable Energy Agency (ARENA) and Softbank China.
CEFC Investment Development Director Blair Pritchard said the CEFC’s investment
“The Wattwatchers technology is small and very smart. The clamp-on internet device, working with a choice of
“Equipment such as solar panels and solar hot water systems can underperform or waste power without consumers being fully aware. Real-time data identifies where and when consumption is occurring, and whether the patterns are economical, or perhaps excessive and therefore wasteful and overly expensive.
“We see Wattwatchers as a business that will complement other technologies to help Australians understand how they can consume energy at least cost.
We also see real-time data access as an important development for rooftop solar owners looking to better manage their systems and on-site consumption.
This means they can reap the most benefits from their own energy production, as well as storage and generation into the grid.”
Wattwatchers was founded in 2007 and has been working steadily to develop, pilot and commercially launch its energy data technology. Last year it won the Australian Technologies Competition New Energy Award.