bp ventures has made a $20 million AUD investment in 5B Holdings Pty Ltd, an Australian renewable company with technology that enables rapid deployment of solar power at scale. The investment closes 5B’s $55 million AUD Series B funding round, which was co-led by existing investors The AES Corporation and Artesian.
5B’s leading solar technology, the 5B Maverick, consists of up to 90 solar panels mounted on specially designed frames that can be unfolded and installed at speed. To date, 5B has deployed its technology across more than 100 sites worldwide with total generating capacity of over 60MW.
This year 5B Maverick was used to deploy panels with 1.1MW capacity – covering the equivalent of a soccer pitch – in a single day, with a team of only 10 at AES’ Andes Solar II B facility in the Atacama Desert in Chile.
The capital injection from bp ventures will support 5B’s technology development and growth. It will also accelerate 5B’s international expansion, and its plans to establish a manufacturing and assembly hub in North America.
Commenting on the development, Johnathan Stone, Principal at bp ventures, who will join the 5B Board of Directors, said, “5B’s innovative solar technology can deliver low-cost power generation at speed, helping meet rising electricity demand. This deal is a fantastic example of bp investing in a business that will support our renewable energy transition growth engine. And is another strand of our multi-energy vector country strategy that will support the decarbonization of energy in Australia.