NRN (National Renewable Network) has closed a $67.2 million Series A funding round, marking one of the largest climate tech raises in Australian history. The round, which includes both equity and debt, was led by early backers Investible, Virescent Ventures, Electrifi Ventures, and Ecotone Partners' Planet Fund. Debt funding was provided by Infradebt-managed vehicles, including the Australian Ethical Infrastructure Debt Fund. Neu Capital served as debt advisor throughout the process.
The capital comes at a time of surging demand for solar, batteries, and Virtual Power Plant (VPP) services in Australia. With growing government incentives and consumer appetite for renewables, NRN is well-positioned to accelerate its growth.
More than 4 million households in Australia now have rooftop solar, turning individual homes into micro power stations. But this boom has also created challenges: fragmented power generation, unstable supply, and increased volatility in wholesale electricity markets. VPPs, which aggregate and control these distributed assets, are emerging as a key solution.
"Millions of Australian homeowners want solar but the costs are prohibitive, and every energy retailer wants to scale up their solar energy generation," said NRN CEO and Founder Alan Hunter. "Our platform integrates tech, data, capital, compliance, and market access, to neatly solve the problem at both end."
NRN will use the fresh capital to expand its distributed energy platform nationwide. A major focus will be scaling up battery storage, with plans to deploy an additional 40 megawatt hours over the next year. The company has already surpassed 10 megawatt hours of installed capacity and manages over $12 million in renewable energy assets.
The investment will also help NRN grow its retail energy partnerships, enabling more providers to offer zero-upfront-cost solar and battery solutions. These partnerships, such as with Alinta Energy and Jacana Energy, allow energy retailers to white-label NRN's infrastructure without capital risk, while households get access to clean energy without financial barriers.
NRN’s approach centers on accessibility. Through its platform, homeowners can install solar and battery systems without upfront payments, ongoing fees, or maintenance costs. This model lowers barriers for families while giving energy retailers a low-risk path to expand renewable portfolios.
The company also acts as a connective layer between industry, government, and regulators, helping coordinate Australia’s clean energy transition and stabilise the grid.
Founded by Alan Hunter, NRN has grown its network more than sixfold in the past two years. Its unique business model, which separates infrastructure from branding and customer ownership, enables partners to maintain full control of customer relationships while scaling their renewable offerings.
With more than $85 million in total capital raised, NRN is establishing itself as a trusted infrastructure provider for distributed energy in Australia.
NRN’s Series A attracted a roster of experienced investors focused on energy and climate.
"This Series A marks Investible's third investment in NRN since leading their seed round in March 2024," said Ben Lindsay, Investment Principal at Investible. "This latest raise represents the largest investment from our fund to date, underscoring the conviction we've built in the team, the model, and the scale of the opportunity."
Virescent Ventures also joined as co-lead. "Without the rapid deployment of battery storage and distributed generation technology, the energy transition will stall," said Partner Blair Pritchard. "NRN presents a smart solution for consumers and the energy market, and a big step forward in decarbonising the electricity grid."
Other investors include Infradebt, Planet Fund, Electrifi Ventures, and Neu Capital.
