Australian solar panel innovator SunDrive has booked a new $21 million funding round, featuring input from heavyweight renewable energy investor Mike Cannon-Brookes and Canva co-founder Cameron Adams.
And, for the first time, SunDrive now counts former prime minister Malcolm Turnbull as an investor, adding to his growing portfolio of climate-focused funding activities.
The Australian Financial Review reports SunDrive, which has developed copper-based solar panel technology it hopes will supplant pricier silver-based options, locked up investment from Cannon-Brookes’ Grok Ventures and Blackbird in the new round.
Those investments, and Turnbull’s personal involvement in the firm, were also joined by investment from CSIRO innovation fund Main Sequence — which was established in 2017 during Turnbull’s stint in the nation’s top job.
The funding round furthers the former PM’s personal ties to renewable energy initiatives, above and beyond his focus on the clean energy industry while in office.
Turnbull’s personal investments in renewable energy companies now includes an interest in modular solar energy and deployment firm 5B Solar, and US-based solar steam solution GlassPoint, where Turnbull also acts an an advisor.
In addition, Turnbull serves as non-executive chairman of Fortescue Future Industries, which has a significant focus on green hydrogen technology.
The former PM has also registered a new company himself, with the AFR reporting Upper Hunter Hydro appears poised to serve as a personal foray into the renewable energy space.
The latest SunDrive investment, and Turnbull’s pattern of renewable energy interests, follows a tumultuous leadership spell defined by conflict over emission reduction targets.
Turnbull lost the prime ministership in August 2018 after a conservative revolt within the Coalition forced him to axe a plan establishing emissions reduction targets.
He later said the failure to introduce the National Energy Guarantee to tackle climate change was his biggest regret from his time as prime minister.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
