BP Ventures has made an A$20m (€12m) investment in 5B Holdings, an Australian solar technology outfit.
The investment closes 5B’s A$55m Series B funding round, which was co-led by existing investors, AES Corporation and Artesian.
5B’s solar technology, the 5B Maverick, consists of up to 90 solar panels mounted on specially designed frames that can be unfolded and installed, speeding up ground mounted solar installations.
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 and will also accelerate 5B’s international expansion, plus plans to establish a factory in North America.
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 to meet rising electricity demand.”
“We are delighted to be making an important contribution to 5B’s Series B funding round and look forward to helping them accelerate their expansion through collaboration with various parts of our business.”
BP’s gas and low carbon energy (G&LCE) business and 50-50 joint venture Lightsource BP, together with 5B, will explore the best opportunities to collaborate on the deployment of 5B’s Maverick technology on future BP and Lightsource BP projects.
Chris McGrath, 5B co-founder and CEO, added: “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.
“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.”