Australian energy technology company carbonTRACK has begun its second round of funding – seeking $10 million – to help it fast-track its growth in the US and expand into Europe.
carbonTRACK is a Melbourne-based company that has developed a patented intelligent energy management platform which combines energy usage data and advanced automation capability to give consumers and companies greater control of their energy use and spend.
Whether you are a household consumer or large business, carbonTRACK provides a solution. It already has a track record working with solar companies, battery companies, electricity retailers, energy consultants and property developers and has established relationships in Australia, New Zealand, across Africa and the US.
What funding has carbonTRACK raised before?
carbonTRACK initially raised $2 million in 2015 on a pre-money valuation of $22.5 million. This enabled the company to commercialise its patented energy technology, begin to make inroads into the Australian market and explore avenues overseas.
For this round, carbonTRACK has engaged BlueMount Capital to raise funds in the US and Europe. The $10 million raise is based on a pre-money valuation of $35 million.
The capital raising coincides with carbonTRACK bolstering its executive team with energy industry veteran Stuart Allinson, the Chairman elect, and Susan Taylor appointed as a new board director.
carbonTRACK Managing Director Spiros Livadaras said the company had spent considerable time developing and validating the technology which was world-leading.
“We know we have the technology and now with the appointment of Stuart and Susan we are looking to gain considerable momentum to expand not only in Australia but more importantly in the US and Europe,” he said.
carbonTRACK is already selling its technology in the US through Californian-based energy management company naak.
Chairman-elect Allinson is highly regarded in the energy sector having grown ASX-listed technology company BidEnergy from the ground up. He is also a former Chairman of the Climate Change Authority.
“I am really excited to join carbonTRACK at a time they are poised for major growth.”