Battery maker Allegro Energy closes $17.5 million funding round

Redox flow battery developer Allegro Energy has announced completion of a $17.5 million Series A funding round, led by The Grantham Foundation.

In a statement on Monday, Allegro co-founder and CEO Dr Thomas Nann said the investment round – which also included Origin Energy, Melt Ventures, and Impact Ventures – would help ”rapidly accelerate our manufacturing capacity”.

Allegro describes itself as making “water-based Redox Flow Batteries (RFB) and supercapacitors” that are non-flammable, fully recyclable, “and have no reliance on scarce materials or complex supply chains”.

The company was awarded $500,000 in March last year through the now-defunct Accelerating Commercialisation program for pilot-scale manufacturing of its supercapacitors.  

Both its batteries and supercapacitors are based on a “unique microemulsion electrolyte,” the company said, enabling energy storage “much less expensive and much safer” energy storage.

Sam Lefkofsky of The Grantham Foundation added: “We welcome the opportunity to support this revolutionary technology which we believe is poised to change the conversation around clean storage and lead to a rapid adoption of cheaper, cleaner and more abundant energy.”

The company and Origin Energy – which took a 5 per cent stake in Allegro Energy last year – plan to complete an 800 kilowatt hour pilot storage system at Origin’s Eraring site by the end of 2024.

Picture: supplied

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