PERTH (miningweekly.com) – Energy major Origin Energy has acquired a 5% stake in ASX-listed ReNu Energy’s battery cleantech investee company Allegro Energy for A$4-million.

The funding and partnership are intended to support the staged development of a 60 MWh pilot redox flow battery (RFB). The agreement also gives Origin the opportunity to support Allegro Energy all the way through to funding its first giga-factory.

Allegro Energy has developed water-based RFB and supercapacitors that are clean, non-flammable, non-corrosive, recyclable with no reliance on scarce materials. At the core of both products is Allegro’s unique water-based electrolyte which enables energy storage that is potentially much less expensive and safer than competing technology.

Origin's initial investment of A$4-million will be used by Allegro to develop an 800 kWh pilot RFB at Origin's Eraring power station. Origin has the option to make further investments in Allegro, including to fund the deployment of a 60 MWh RFB to be installed at one of Origin’s facilities.

Following completion of the initial investment by Origin, ReNu Energy now holds approximately 4.86% of Allegro's issued share capital, which it acquired in December 2021 for A$450 000.

“We are pleased to be making an investment in what we view as a very promising technology. We believe long-duration storage will ultimately play an important role in the energy mix, and we look forward to watching the progress of this trial and seeing how this technology could complement other storage projects within Origin’s portfolio,” said Origin head of energy supply and operations Greg Jarvis.

“Long-duration storage could supplement the high demand peak period covered by the 460 MW Eraring battery currently under development and add to the overnight generation availability provided by the Shoalhaven Hydro Scheme.

“Our investment in Allegro is a great example of our teams seeking out solutions to some of the challenges presented by Australia’s energy transition. It is also particularly pleasing for Origin to work with an innovative, local firm as we look to further transform the Eraring site for the future,” Jarvis said.