- Bp ventures has invested AUD 20 million in 5B’s Series B AUD 55 million funding round
- It brings bp ventures a seat on 5B’s board and brings the latter access to a range of global markets
- With bp and Lightsource bp, 5B will now look for opportunities to use its Maverick technology
- The Australian company will use the proceeds to expand internationally, including establishing a manufacturing and assembly hub in North America
Australian solar technology company 5B that supplies prefabricated modular, scalable and rapidly deployable solar solution has secured oil/gas major bp plc as a strategic investor, and revealed plans to explore opportunities along with bp’s 50:50 JV Lightsource bp while also planning a North American manufacturing fab.
The AUD 20 million ($13.6 million) from bp ventures helps 5B achieve closure of its AUD 55 million ($37.5 million) Series B funding round with its existing investors The AES Corporation and Artesian also contributing.
5B said the capital injection from bp ventures, that gets a seat on the Australian company’s board, will support its technology development and growth along with international expansion plans that include a manufacturing and assembly hub in North America.
The Australian firm will also make use of the association by exploring best opportunities to collaborate on the deployment of its Maverick technology for future solar power projects of bp and Lightsource bp projects.
“Collaborating with bp ventures and the broader bp businesses offers us a wealth of global commercial and operational expertise. It presents a great opportunity to deploy our 5B Maverick technology across a range of global markets, said 5B Co-Founder and CEO Chris McGrath. “The backing of such an active and experienced venture capital team is a powerful validation of our technology and ability to support bp as it transitions to an integrated energy company.”
5B’s Maverick technology brings down the cost of solar panel installations by deploying up to 90 panels mounted on specially designed frames that can be unfolded and installed at one go.
In 2021, former Australian Prime Minister Malcolm Turnbull also invested in the company that’s Sun Cable partner for the 20 GW solar power project in Northern Territory (see 5B Raises AUD 12 Million In Pre-Series B Funding).
