Solar panels in the Atacama Desert, Chile. (Source: Shutterstock)
BP Ventures will invest $20 million AUD into 5B Holding Pty Ltd. as part of 5B’s $55 million AUD Series B funding round, BP announced Dec. 15 in a press release.
5B Holdings is an Australian renewable solar company with technology in solar. Its 5B Maverick is an assortment of up to 90 solar panels mounted on frames designed to be unfolded and installed quickly. Deployed across more than 100 sites globally, this technology has over 60 megawatts of total generating capacity.
In 2022, 5B deployed 5B Maverick to install panels with 1.1 MW capacity that covered the equivalent of a soccer field with a team of 10 in a single day at AES Corp.’s Andes Solar II B facility in the Atacama Desert in Chile.
5B has plans for a manufacturing and assembly facility in North America. BP’s investment will accelerate the Australian company’s international expansion.
Lightsource BP – BP’s gas and low carbon energy business and joint venture – BP Venture and 5B will continue to explore solar energy avenues together. Lightsource and 5B have plans for future collaboration to deploy 5B Maverick on BP and Lightsource projects.
“Collaborating with bp ventures and the broader bp businesses offers us a wealth of global commercial and operational expertise. It presents a great opportunity to deploy our 5B Maverick technology across a range of global markets. The backing of such an active and experienced venture capital team is a powerful validation of our technology and ability to support bp as it transitions to an integrated energy company,” Chris McGrath, 5B co-founder and CEO, said in the release.
As part of the collaboration, BP Ventures principal Johnathan Stone will join the 5B board of directors.
“5B’s innovative solar technology can deliver low-cost power generation at speed, helping to meet rising electricity demand,” said Stone. “We are delighted to be making an important contribution to 5B’s Series B funding round and look forward to helping them accelerate their expansion.”
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