DC Power Co, Australia’s first customer-owned solar-focused electricity company, has completed its second round of equity crowdfunding, raising a total $1,627,878,39 with 1,690 investors. The investment will be used to take on the big energy companies with a renewable, community-driven alternative.
DC Power Co plans to unlock the collective power of Australia’s two million solar households to create a large-scale competitor to the big energy companies’ coal fired power plants.
The successful raise comes one year after the company ran the world’s biggest equity crowdfunding campaign for the launch of a business*. Over 12,500 regular Australians backed DC Power Co and their mission to disrupt an outdated energy industry and create real value for solar households.
What is DC Power Co looking to achieve?
DC Power Co CEO Nic Frances Gilley, says that the true power of Australia’s two million solar households, which have three times the capacity of Australia’s largest coal fired power plant , is being obstructed by fossil fuel interests.
“Recent figures show that almost 90 per cent of Australians support more investment in renewable energy, but it’s clear, given the lack of clear energy policy over the last decade, that they can’t rely on governments to take action. Instead, coal and other industries are subsidised – with fossil fuel subsidies equating to $3000 per year, per household.
“We need to take back the power together. DC Power Co has a plan to harness the incredible power of Australian rooftops to take on big energy companies and establish solar households as the major generator of electricity they are,” Mr Gilley said.
“Smart investors have gotten in on the ground floor of the renewables movement. We’re asking them to back Australia’s Solar Army and join the home solar revolution.”
Another million homes are projected to have solar panels by 2030, and Australians are purchasing battery storage in increasing numbers – from around 25,000 installations in 2018 to a projected 800,000 by 2030 .
A battery gives a solar household control of their energy. It can increase a typical household’s solar usage in the home from around 20 per cent to 80 per cent or more, which means lower power bills for the household and less stress on the grid.
How will DC Power Co work?
DC Power Co plans to utilise these batteries to create a community power plant, giving consumers control, providing a reliable renewable energy supply and reducing Australia’s climate footprint in the process.
“If 50 per cent of Australian homes had solar panels and a battery, they would be able to supply 16 per cent of the National Energy Market’s electricity. That’s equivalent to over 7 times the capacity of Australia’s largest coal fired power plant ,” Mr Gilley said.
“The best chance we have to accelerate the shift to renewable energy in Australia is through a purpose-driven enterprise that unleashes a home solar revolution. Supported by emerging technologies like virtual power plants, the Solar Army’s power can be truly unlocked,” he added.
DC Power Co is the world’s first crowdfunded electricity company dedicated to solar households. They provide personalised specialist services to help people get the most from their solar and save money. Solar households are different – they make their own electricity and buy less.
That’s why, unlike traditional electricity companies whose business models focus on selling more, DC Power Co has no financial interest in customers using more electricity. With no tricky discounts and a flat monthly fee, they provide transparent pricing that allows customers to know exactly what they’re paying for. Because DC Power Co is built by solar people, for solar people.
Based in Melbourne, DC Power Co was founded by entrepreneurs Nic Frances Gilley, Monique Conheady, Emma Jenkin and Nick Brass in 2017, through the world’s largest equity crowdfunding campaign for the launch of a business.
