Mike Cannon-Brookes pays $ 78 million to green energy lender Brighte
Atlassian co-founder Mike Cannon-Brookes has invested $ 78.8 million in Sydney-based startup Brighte to help fund the development of its new green power retail arm .
“The additional capital will be deployed in three key areas: acquiring more solar homes, making Brighte a domestic brand and developing our lifetime value proposition for our customers, which includes creating new payment models for the energy, ”said Founder and CEO Katherine McConnell.
The green energy lender buy now, pay later is shifting to a “generation tail model”.
This means that Brighte customers who own their energy assets will have Brighte as their energy retailer, but can also earn income from their own solar power and batteries.
Brighte customers will be able to sell their solar power and excess rooftop battery directly to other customers via the grid.
“This allows us to help our customers in three ways: accessing the most affordable energy solutions, maximizing their energy income and closing the gap between their energy production and consumption,” said Ms. McConnell.
“It leverages our in-depth payments expertise and our dominant position in the home energy market to dramatically simplify customer relationships. “
Brighte was founded in 2015 by Katherine McConnell, a former senior executive of the Macquarie Group.
It offers buy-it-now and after-payment financing for energy and home improvements such as solar panels and home batteries. There are two customers: households who seek financing for green renovations and sellers who install equipment knowing that there is no risk of credit default.
Since then, it has approved more than $ 600 million in financing for 75,000 Australian households.
Brighte has raised more than $ 145 million in equity and $ 500 million in debt since 2016, as well as Australia’s first 100% green bond issue in October 2020.
Other investors in Brighte’s recent $ 100 million Series C capital raise include Skip Capital, co-founder of Atlassian, Scott Farquhar and Kim Jackson’s firm, AirTree Ventures and Singaporean venture capital firm Qualgro.
Brighte has funded over 350,000 kW of residential solar capacity, which is more than Snowy Hydro’s Tumut 2 power plant.
“What we have accomplished in four years is just the start. This is an addressable market opportunity of $ 45 billion per year (including $ 3 billion for solar power, batteries and FCAS) and there is significant room for further growth, ”said Ms. McConnell said.
Australia’s rooftop solar market is booming, adding 2.6 gigawatts of solar capacity in 2020.
CSIRO research also revealed that solar PV panels and batteries are currently experiencing the fastest cost reduction of any energy technology in the Australian market.
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