Solar producer 5B elevates AU$ 12 million for worldwide development

• Australian 'plug and also play' solar supplier 5B has secured AU$ 12 million (US$ 9.27 million) to increase into brand-new renewables markets.

Malcom Turnbull, the previous Prime Minister of Australia, and Smart Energy Council supervisor Simon Holmes à Court have bought the company via a pre-Series B funding round, which was led by existing backers Fortune 500 business AES Corporation and financial investment manager Artesian Venutre Capital.

5B stated it will certainly make use of the capital to establish a new head office in Sydney, fast-track the launch of its series of Maverick fast-deployable solar products as well as launch brand-new company procedures in the US, Chile and India.

The firm's Maverick remedy is included module installs organized in a concertina form at a 10 level tilt. They are pre-fabricated in a manufacturing facility before being rapidly deployed on website. The firm claims that the system can be released much faster than typical solar arrays.

5B introduced its Series B financing round late last year, with strategies to fuel its international expansion. The company claimed in a declaration that the round ended in April "completely funded and over-subscribed".

The business shut a AU$ 12 million Series An investment round last July that had sourced financing from financiers consisting of AES.