Startup · $14.8m raised · Energy
Every published round AGL took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
| Company | Stage | Announced | Amount | Role | Alongside | Sources |
|---|---|---|---|---|---|---|
| RayGen | Series D+ | 10 Apr 2025 | $127m | Participant | Startup Daily (Tue 23 Dec 2025), SmartCompany, Forbes Australia, @AuManufacturing, Startup Daily (Thu 10 Apr 2025), RenewEconomy | |
| RayGen | Series C | 18 Oct 2021 | $55m | Participant | Startup Daily, @AuManufacturing, Breakthrough Victoria, RenewEconomy (Wed 3 Nov 2021), RenewEconomy (Mon 18 Oct 2021) | |
| Honey Insurance | Seed | 18 Jun 2021 | $15.5m | Lead | Forbes Australia, SmartCompany (Fri 12 Apr 2024), SmartCompany (Fri 18 Jun 2021), Startup Daily, TechCrunch Australia | |
| RayGen | Unnamed stage | 8 Jun 2021 | $27m | Participant | ARENA, RenewEconomy |
Companies AGL has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Honey Insurance | 18 Jun 2021, Seed | 1 | 1 | |
| RayGen | 8 Jun 2021 | 3 | 0 |
Fund closes reported for AGL, as distinct from the investments it has made.
Companies AGL has backed that another company then bought. An exit for the holding, not a deal AGL did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of AGL is recorded as having been acquired. | ||||
Companies AGL acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Every investor coverage indicates participated in a round AGL raised.
| Investor | Rounds | Invested |
|---|---|---|
| Australian Renewable Energy Agency (ARENA) | Grant | $14,800,000 |
Stories naming AGL. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Consulting group Sia has bought Seven Consulting, an Australian transformation consultancy, adding Sydney and Melbourne offices, a Perth presence and major clients across banking, government and retail.
Also Dealroom·Dealroom·sevenconsulting.com·briefglance.com·melbourne-insider.au·cfotech.com.au·consultancy.com.au
Renewable utility Zen Energy has entered voluntary administration despite regulators clearing Gunvor to buy its retail business; McGrathNicol is administrator and customers moved to AGL.
Competition regulator approval lets Swiss trading giant Gunvor proceed with buying Zen Energy's retail arm and power purchase agreements; terms undisclosed. Article weighs whether the newcomer will challenge Australia's dominant gen-tailers.
The competition regulator has cleared Swiss trader Gunvor to buy Zen Energy's retail arm and linked PPAs; terms undisclosed. The article asks whether the deep-pocketed newcomer will challenge Australia's big three gen-tailers.
Offshore wind developer Oceanex Energy will shut down in 2026 after ending partnerships and abandoning Australian and New Zealand projects, with co-founder Andy Evans urging Australia to overcome risk aversion and execute renewables opportunities.
Also RenewEconomy
Singapore state-owned Sembcorp has bought Alinta Energy, owner of Victoria's Loy Yang B coal generator, for $6.5 billion, with no early closure planned; its remote energy assets were recently sold to APA.
Singapore state-owned Sembcorp has acquired Alinta Energy, which owns the Loy Yang B power station in Victoria, for $6.5 billion. Jeff Dimery remains chief executive and no early closure is planned.
Also RenewEconomy
Breakthrough Victoria's CEO reviews its 2024/25 year: growing capital base, strong co-investment leverage, portfolio milestones including Amber's $10m raise, first fellows awarded, and projected economic impact ahead.
Canberra will open a second $150 million Solar Sunshot round for PV component makers, while recapping earlier awards to 5B, Tindo Solar, Stellar PV, Solquartz and Energus.
ARENA grants $34.5 million to solar module maker Tindo and $11 million across Solquartz, Energus and Stellar PV for polysilicon feasibility studies under the federal Solar Sunshot program.
Also @AuManufacturing·RenewEconomy·RenewEconomy·@AuManufacturing·RenewEconomy·RenewEconomy·RenewEconomy·RenewEconomy·RenewEconomy
US investment firm KKR has agreed to buy Zenith Energy, an Australian specialist in off-grid renewable power for mines, in a transaction reported at over A$2 billion following a bidding contest.
EVP explains its decision to back Termina, whose software pools small businesses' energy purchasing to cut costs and emissions, citing traction across thousands of meters and its founding team.
UK energy platform Kaluza has bought Melbourne software firm Beige Technologies, its first big move since AGL Energy took a minority stake, having earlier bought out Ovo Energy's Australian business.
Australian solar firm SunDrive has signed a JDA with Chinese equipment makers Maxwell Technologies and Vistar, adding to partnerships with Trina Solar and AGL and an earlier Arena grant.
Blackbird partner Samantha Wong reflects on a decade of the firm's Sunrise conference and Australia's startup ecosystem, recalling Atlassian's Nasdaq listing and Aconex's float and sale to Oracle.
Also SmartCompany
Solar storage firm RayGen has wrapped up a $127 million Series D a year after it began, with SLB leading and Breakthrough Victoria, ARENA and energy companies among the backers.
Also RenewEconomy·SmartCompany·Startup Daily·@AuManufacturing·Forbes Australia
Solar panel recycler Elecsome has secured a patent for its dismantling and glass recovery methods; the piece also recaps its accelerator participation, a feasibility study with AGL and an Enel Green Power agreement.
Orkestra, a Melbourne clean-energy software firm, won $2.77 million in ARENA co-funding to accelerate commercial EV charger rollout; a year earlier it banked $2 million in seed funding from Tidal Ventures.
A federal opposition senator attacks Labor's solar manufacturing program and SunDrive, which has cut staff and changed CEO while pursuing partnerships with AGL and Trina Solar to localise panel production.
Terrain Solar has handed its Marulan solar and battery project to Ratch Australia after commercial close, with AGL Energy set to acquire Terrain under a deal announced days earlier.
RenewEconomy reports renewables retailer Maximum Energy, trading as Circular Energy, was suspended and wound up, its customers moved to big-three retailers; it also recalls earlier retailer collapses and Oxamii's seed backing.
Australian insurtech momentum examined: Honey Insurance's Series A and Cover Genius's raise led Q2 2024 funding, while an Airtree partner argues incumbents have left insurance open to technology-driven challengers.
Also SmartCompany
Roundup of the week's funding news: nine companies across Australia and New Zealand secured investment spanning clean energy, construction logistics, legal tech, coaching, research tools, creator media, medtech and marketing software.
Also Startup Daily·SmartCompany·SmartCompany·SmartCompany·SmartCompany·LaunchVic
Solar storage company RayGen has opened its Series D with A$20m from Breakthrough Victoria plus US$20m (A$31m) from SLB, backing plans to take its concentrated solar and thermal storage technology into overseas markets.
Also Breakthrough Victoria·RenewEconomy·RenewEconomy·@AuManufacturing
RayGen has banked a $51 million Series D co-led by SLB and Breakthrough Victoria to scale its solar and thermal storage technology, alongside earlier backers AGL Energy, Equinor Ventures and ARENA.
Also SmartCompany·@AuManufacturing·RenewEconomy·Startup Daily·SmartCompany·RenewEconomy
RayGen Resources closed a $51 million round led by SLB, with Breakthrough Victoria contributing $20 million, to expand Victorian manufacturing; the piece recalls its 2021 Series C backers and an earlier ARENA grant.
Also Breakthrough Victoria·RenewEconomy·Startup Daily·RenewEconomy
Breakthrough Victoria announces putting $20 million into RayGen Resources, a Victorian solar and thermal energy storage maker, to support clean energy, local manufacturing and the company's growth alongside its existing backers.
Also Breakthrough Victoria·Breakthrough Victoria·RenewEconomy·Startup Daily·RenewEconomy·@AuManufacturing
Home insurer Honey Insurance has raised a $108 million Series A led by US firm Gallatin Point Capital, following a seed round backed by RACQ, AGL, Metricon, Mirvac and PEXA.
Superloop's board has rejected Aussie Broadband's merger proposal as too low, with Aussie already holding a 19.9% stake; the piece also recalls Superloop's VostroNet purchase and Aussie's Symbio buyout.
Origin's 300 MW Mortlake battery moves ahead with Fluence as EPC contractor, backed by up to $24 million from ARENA; five of eight projects under its funding round are now committed.
Mike Cannon-Brookes' investment vehicle Grok Ventures has hired Tan Kueh, ex-Macquarie, UBS and BlackRock, as CEO, joining CIO Jeremy Kwong-Law, as it sharpens its strategy around climate investing.
Akaysha Energy has given final approval to its Brendale battery beside a Brisbane sewage plant and flagged another huge battery near Gladstone.
The government renewable energy agency is granting millions to a metering company for a platform that aggregates household energy devices into flexible demand across the national grid.
A rolling roundup of Australian energy-sector job moves, listing dozens of executives, directors and ministers joining or leaving utilities, regulators, developers and industry bodies between May and December 2023.
Profile of Pendula, whose AI-driven platform personalises upselling for telcos and insurers, as it prepares a takeover offer for ASX-listed Whispir, whose board urged rejecting Soprano Design's bid.
Battery firm Akaysha expects four-hour storage to become standard in Australia now that its Orana project has won a national underwriting auction; the piece also recalls BlackRock's 2022 acquisition of the company.
Manufacturing briefs: XRF Scientific posts record results, Universal Biosensors receives an R&D tax rebate, Imugene and SMC appoint executives, FWPA promotes forestry in a new campaign, and AGL agrees a Loy Yang transition fund.
Ex-Clean Energy Finance Corporation chief Oliver Yates becomes chair of battery developer GMR Energy, which last year acquired Maoneng's storage portfolio and is advancing a grid-scale battery in Victoria with AusNet.
Joe Hockey's advisory firm Bondi Partners hires AGL corporate affairs executive Michelle Wood to head its Sydney operation; the column also names clients Bubs, Digicel and Blackstone and a recent London opening.
Feature on tech startups thriving outside Australian capitals, recording Cauldron's seed raise and government backing, with views from investors and founders at regional companies.