Origin invests in Allegro Energy’s breakthrough battery technology

LONDON, UK: Origin Energy Power Limited (Origin) has announced a strategic partnership with Allegro Energy Pty Ltd, a company that has developed a revolutionary water-based energy storage technology.

Origin has taken a 5% equity stake in Allegro Energy for $4 million and has the option to increase its investment as the company progresses towards building its first gigafactory.

Allegro Energy is a spin-off from the Australian National University, where Professor Thomas Nann and his team have invented a novel water-based electrolyte that can be used in both redox flow batteries (RFBs) and supercapacitors. These devices offer clean, safe, recyclable and cost-effective energy storage solutions that can compete with lithium-ion batteries and other technologies.

Origin will collaborate with Allegro to test and deploy its RFBs, which are suitable for long-duration energy storage applications. The first pilot RFB, with a capacity of 800kWh, will be installed at Origin’s Eraring Power Station. Origin also has the opportunity to fund the installation of a 60MWh RFB at one of its facilities, which would be one of the largest of its kind in the world.

ReNu Energy Limited (ReNu Energy) (ASX:RNE), an early investor in Allegro Energy, welcomed Origin’s involvement and said it was a validation of Allegro’s potential. ReNu Energy now holds about 4.86% of Allegro’s shares, which it acquired in December 2021 for $450,000.

Professor Nann, co-founder and CEO of Allegro Energy, said he was delighted to partner with Origin and to receive its backing for his company’s vision. He said Allegro’s technology could address the global demand for long-duration energy storage, which is expected to grow exponentially as renewable energy sources become more dominant.

“Origin’s support will help us develop large-scale manufacturing of our RFBs which will deliver a cleaner, cheaper and safer global storage solution to the worldwide energy market. Origin’s stake in Allegro provides strong evidence of the need by energy retailers and others in the sector to answer the long duration energy storage challenge, which McKinsey has estimated represents a total addressable market of US$3.5 trillion,” he said.

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