The federally backed Clean Energy Finance Corporation (CEFC) has ploughed $35 million in debt funding into smart metering company intelliHUB.
The money will be used to support the rollout of smart meters to businesses and homes.
According to CEFC the investment will help fund intelliHUB’s $267 million acquisition of Origin Energy’s spin-off metering company Acumen.
The money has been allocated to allow intelliHUB to build on the 170,000 meters deployed and serviced by Acumen, with the goal of reaching one million devices across Australia and New Zealand.
The CEFC predicts demand for smart metering services to grow rapidly following the introduction of the Australian Energy Market Commission’s Power of Choice reforms, which require that new or replacement electricity meters use smart technology.
While initial smart meter rollouts received a mixed reception from consumers and operators alike around a decade ago, the more recent mass uptake of self-generated solar power now gives consumers a financially compelling reason to want to know more.
CEFC chief executive Ian Learmonth said smart meters will enable more businesses and households to better track and control their energy spending and support the integration of renewable energies.
“They also give consumers the ability to better understand where and how they can benefit from behind-the-meter solar [photovoltaic] and energy storage solutions,” he said.
'Behind-the-meter' refers to energy generated or stored by the end user, such as with on-site solar panels.
“We see smart metering as an essential part of an integrated clean energy future and we’re very excited to be part of this market evolution.”
CEFC grid solutions and storage lead Simon Brooker said energy suppliers will also benefit from the added that the increase in metering data will also be beneficial to energy companies.
“Through improved data provision electricity network operators will be able to harness greater insights to enable a smoother operation of the energy grid, facilitating improved integration of renewables and energy storage.”
He added that both customers and energy companies will be able to use the data to better choose energy plans or generation and storage technologies based on the end user’s demands.
intelliHUB CEO Adrian Clark said that the investment will help the company “deliver technology and innovation in smart metering and drive connectivity and competition”.