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London Tech Week

Oil giant bp invests $20M AUD in Australian startup 5B to install solar farms quickly

5B
Photo Credit: 5B

Solar technology has historically been criticised for being expensive and challenging to implement. Up to 90 solar panels mounted on specially created frames that can be quickly unfolded and installed makeup 5B’s technology.

5B, an Australia-based solar startup, has raised an additional $20M AUD (13.7M USD) from UK’s oil giant’s VC firm bp ventures as part of its $55M AUD Series B funding round (37.8 USD).

The growth and development of 5B‘s technology will be aided by the capital investment from bp ventures. Additionally, it will hasten 5B’s plans to build a hub for manufacturing and assembly in North America as well as its international expansion.

With a total generating capacity of more than 60MW, 5B has already installed its technology at more than 100 sites around the world. This year, a team of only 10 people used the 5B Maverick to deploy panels with a 1.1MW capacity in a single day, covering the size of a soccer field.

Chris McGrath, 5B Co-Founder and CEO, added: “It’s hugely encouraging to see bp’s transition and we look forward to working together to accelerate that effort. 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.”

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. 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.”

“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.”

5B was founded in 2014 by Chris McGrath and Eden Tehan as a clean technology innovator and developer of the Maverick solution. By developing and delivering technology and solutions that make clean energy more competitive, accessible, and powerful than ever before, 5B accelerates the world’s transition to a clean energy future.

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