Renewables specialist Plico Energy closes successful investment round
- Combined $4m capital injection for disruptive energy provider
- Equity raising managed by Euroz Hartleys and supported by Westoz Funds Management (WFM)
- Funds targeted for growth marketing initiatives to build WA customer base
PERTH-based renewable energy specialist Plico Energy has secured a $2.4m strategic equity investment and a further $1.6m debt facility.
The equity component of the capital raising was led by Euroz Hartleys and drew strong support from existing shareholders and Westoz Funds Management Pty Ltd.
At the same time, Plico also agreed a $1.6m debt facility from a major lender. The funds will be directed towards further growth in the WA market.
Plico Energy is the unlisted retail arm of Starling Energy Group and was established to offer cleaner, cheaper and more reliable energy solutions. Customers pay a monthly membership fee that covers solar panels, in-home batteries and associated infrastructure.
The capital raising supplements a 2019 AU$50m infrastructure funding agreement with Swiss-based SUSI Partners.
“We are very excited about the potential for battery and solar micro-grid energy solutions and have been searching for an appropriate investment opportunity,” WFM Executive Director Dermot Woods said.
“We believe the Plico model provides a win-win solution for customers wanting affordable and reliable clean energy, and for state governments wishing to lower reliance on fossil fuels while maintaining a reliable transmission network.
“As investors, we believe there is huge growth potential for this sector as customer and government awareness and acceptance grows.”
According to Plico Energy CEO Nuno Carneiro, the capital will be used for growth marketing initiatives.
“Plico has taken an iterative approach to rolling out our renewable solutions to date, allowing us to prove the technology, implementation process and savings potential,” Mr Carneiro said.
“Having recently installed our 200th system in WA, we’ve now achieved good market penetration, been able to verify the disruptive model and have strong support, setting the stage for a significant growth phase for the company.
“Our mission is to provide consumers with far more control over their energy usage by creating virtual power plants that operate behind the meter and this investment will be a significant part of the story in enabling that to occur.”
Investor Inquiries Media Inquiries
Nuno Soares Carneiro Simon Shepherdson
Chief Executive Officer General Manager
Starling Energy Group Spoke Corporate
+61 (0) 478 488 940 +61 (0) 413 809 404
About Plico Energy
Plico Energy was built with a single purpose in mind, to create a grass roots movement that solves the “energy trilemma” (cleaner, cheaper and more reliable 24/7 energy) so we can rapidly displace our coal dominated energy supply. We are focused on ensuring Plico members make and use their own energy day and night, and ensuring the systems we install can help the grid to be more stable. By putting a battery in every Plico home we are collectively building the largest grid-scale, controllable battery in WA which will speed up the transition. Consumers don’t have to wait for government policy change to take action on climate change. The solution is available now, and the quickest way to address climate change is to reduce carbon emissions in the energy sector. The future of the energy industry is here.
About Westoz Funds Management Limited
Westoz Funds Management Pty Ltd (WFM) is a Perth based fund manager established in 2005. WFM manages two ASX listed investment companies, Westoz Investment Company Limited (WIC.ASX) and Ozgrowth Limited (OZG.ASX), which focus on investing in small to mid-cap ASX listed securities, generally connected to Western Australia. The investment objective for both portfolios is to generate a positive return over the medium to long term, regardless of the movements of the broader share market, and provide shareholders with a consistent stream of dividends. WFM is a wholly owned subsidiary of Euroz Limited (EZL.ASX), a listed diversified financial services company.