Intellihub receives AU$50m loan for smart meter tech in Australia
Image: Intellihub
Australia’s Clean Energy Finance Corporation (CEFC) has made an AU$50 million (US$34 million) loan commitment to Intellihub for smart meters and smart behind the meter devices.
The loan is aimed for Intellihub to ramp up the deployment of its smart meters and also lift investment in smart behind the meter devices and thereby give consumers more control over their energy consumption.
Smart meters, together with smart behind the meter devices, are considered a critical part of Australia’s future energy mix, and are set to play a key role in grid reliability.
Monique Miller, CEFC’s CIO – Renewables and Sustainable Finance, says that more and more Australians are generating and storing their own electricity, using the energy of the sun to power their cars as well as their energy efficient appliances, backed up by home batteries.
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“One of the most exciting things about the energy transition is that it quite literally puts more power into the hands of consumers. By using smart meters and smart behind the meter devices we can better understand when and how we use energy and make changes that will save on power costs as well as reduce our carbon footprint.
“Smart meters and behind the meter devices are also important for the better management of our energy grid. As we increase the share of renewables in our grid, these new technologies can give grid operators real time information about energy consumption, so they can better manage grid reliability.”
Thanking the CEFC for its support, Intellihub CEO Wes Ballantine said: “We believe our work in facilitating greater take up and coordination of consumer energy resource devices can make a meaningful impact on the stability of the grid. The support of the CEFC is helping us make that vision a reality.”
The Australian Energy Market Commission (AEMC) has made a draft rule to accelerate the deployment of smart meters to energy customers by 2030 and has estimated that this could provide net benefits of AU$507 million for New South Wales, Queensland, Australian Capital Territory and South Australia.
The CEFC was an early investor in Intellihub, committing AU$75 million to back the growth of the smart metering business, with the finance repaid in December 2021.
