Solaray Energy is now called 1KOMMA5° Sydney and 1KOMMA5° Melbourne
Sydney, Australia, 27 June 2023 – 1Komma5°, the newest unicorn in the energy industry, is setting its sights on strategic acquisitions in the Australian market. Bolstered by a fresh infusion of approximately $700 million in capital, the Hamburg-based company specialising in smart home energy management systems, batteries, and solar panels is eager to expand its footprint in Australia. The surge in demand from households seeking to cut their power expenses has prompted 1Komma5° to explore acquisitions in the solar sector.
Chris Williams, Head of Asia-Pacific for 1Komma5° and CEO of Natural Solar, revealed that discussions are already underway for additional acquisitions of solar battery suppliers in Australia. This move follows the successful acquisition of Natural Solar and Solaray in the past nine months, marking a significant stride in the company's growth.
In a unique departure, 1Komma5° is charting a course towards establishing "Apple-style" retail stores in Sydney and Melbourne within the next 12 months. This approach, tested successfully in Germany and the Nordic countries, allows homeowners and small businesses to physically engage with the products on offer, fostering a more personalised customer experience.
The recent achievement of unicorn status, attained through a €430 million ($699.8 million) Series B funding round led by Silicon Valley's G2 Venture Partners, positions 1Komma5° for further expansion. Co-founded by former Tesla manager Philipp Schröder and Micha Grüber just two years ago, the company is committed to leveraging its increased financial prowess to drive additional acquisitions, ultimately enhancing its capacity for providing cutting-edge panels and batteries.
Chris Williams emphasized the urgency of the company's initiatives in light of escalating electricity and gas tariffs in Australia. Customer enquiries have surged by 350% in the past four to six weeks, reflecting a growing awareness of the need for sustainable energy solutions. Williams pointed out the rapid increase in electricity prices and the decreasing compensation for feeding solar power back to the grid, highlighting the growing instability and concerns about blackouts.
With the payback time for solar and battery systems now reduced to six to eight years, down from two decades just seven years ago, 1Komma5° anticipates a shift towards greater adoption. Despite the initial investment, the company sees solar and battery installations becoming increasingly cost-effective, especially as electricity tariffs continue to rise. The ongoing trend towards cleaner and more self-sufficient energy solutions is expected to drive further growth for 1Komma5° in the Australian market. The company anticipates announcing additional acquisitions in the coming months, solidifying its position as a key player in the evolving landscape of climate technology in Australia.
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1KOMMA5° invests in leading companies in the electrical sector with a particular focus on photovoltaic systems, charging infrastructure and heat pumps, and in return offers the entrepreneurs the use of its own software solutions, centralized services, bundled purchasing, growth capital and a reverse shareholding in 1KOMMA5° Holding. The aim is to develop a Europe-wide, market-leading provider by 2030 together with strong, regional specialist companies, with a sales target of 10 billion euros per year and a capacity to convert 500,000 buildings per year to climate-neutral power generation, heat and mobility. Currently, 1KOMMA5° operates more than 65 sites with around 1,500 employees in Germany, Sweden, Finland, Italy, Denmark, Spain, and Australia. 1KOMMA5° is also the provider of the "Heartbeat" energy management system and the operator of a virtual power plant that pools and networks customers' photovoltaics, electricity storage, heat pumps and charging columns, thus greatly increasing the profitability of networked customer systems.
2150 is a venture capital firm investing in the sustainable reshaping of the broad urban environment. 2150 backs entrepreneurs working at the forefront of the climate transition and helps scale the companies and technologies with long-term equitable impact across the whole ‘urban stack’, including how cities are built, designed, constructed, and powered, to the way people live, work and are cared for. https://www.2150.vc/
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