Graphite Energy has secured AU$40 million in funding, clearing the path for the rapid rollout of its Green Steam thermal energy storage systems.
The clean technology manufacturer received AU$15 million from a loan facility from Catalytic Impact Capital and a AU$25 million equity subscription led by the McLachlan family office alongside a new institutional investor.
The funding arrives as local manufacturers face increasing pressure to decouple from volatile natural gas prices and meet stringent decarbonisation targets.
Graphite Energy’s Green Steam technology targets one of the hardest-to-abate sectors: industrial heat. By using advanced thermal energy storage, the system captures low-cost renewable electricity when it is most abundant and converts it into high-pressure steam.
The company claims its electric boiler systems can deliver steam at a price point below that of traditional natural gas.
“Decarbonising industrial heat requires solutions that deliver both cost savings and emissions reduction—Graphite Energy’s achieves both,” said Matt Rennie of Rennie Advisory, who steered the deal.
“This funding provides the momentum needed to scale Graphite Energy across the Australian manufacturing sector.”
The capital injection will be used to accelerate the deployment of systems already in the pipeline. Graphite Energy is currently installing units for two major multinational food and beverage firms, with a further eight projects in the detailed engineering phase.
Peter Lemmich, CEO of Graphite Energy, noted that the appetite for electrification is surging as businesses look to future-proof their operations.
“Demand for our Green Steam solution is accelerating and we now have the capital to deliver at the pace our customers require,” Lemmich said.
“Our technology enables manufacturers to reduce operating costs today, while positioning their businesses for a low-carbon future.”