Sun Cable has announced a $210 million funding raise, contributed to by billionaires Mike Cannon-Brookes and Andrew Forrest, to develop the Australia-Asia Power Link (AAPowerLink) that will connect Australia to Singapore.
AAPowerLink is set to supply renewable electricity from resource-abundant regions to growing load centres.
The $210 million Series B capital raise will not only fund the development work of the Company’s marquee project (AAPowerLink), but also accelerate the progress of the Company’s portfolio of multi-gigawatt generation and transmission projects.
The AAPowerLink project is the first of its kind and the first of many.
Advances in renewable energy generation, energy storage and HVDC cable transmission technologies have made it commercially and technically viable to transmit renewable electricity over long distances.
Led by Grok Ventures and Squadron Energy (a wholly-owned subsidiary of Tattarang), the capital raise will support Sun Cable’s development of the world’s largest intercontinental renewable power system.
Enabled by a team of over 80 experts, Sun Cable has developed unique intellectual property to facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects.
Sun Cable’s flagship project, the AAPowerLink will harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore via a high voltage direct current (HVDC) cable transmission system.
Sun Cable Founder and CEO, David Griffin, said, “We have developed a world-leading capability in four short years.
“We are thrilled to have materially strengthened our resources with the support of all of our shareholders, who are such strong advocates for our mission.
“This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi-gigawatt-scale projects, and support the progress of key facilitating assets.
“We are buoyed by the level of support from our investors and key stakeholders including governments, off-takers, suppliers, and the communities in which we operate.”
Sun Cable’s energy projects will position Australia, Singapore and other markets in Asia as world leaders in cross-border renewable electricity trade.
The developed infrastructure will facilitate large-scale industrial development through the electrification of new and existing industries, provide significant supply chain opportunities and support regional decarbonisation.
Chairman of Tattarang, Dr Andrew Forrest, said “Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation.
“I’m proud to be a cornerstone investor in Sun Cable, its team and its vision.
“This capital raise is a critical step in developing the Australia-Asia PowerLink and I applaud Sun Cable realising this mission.”
Principal of Grok Ventures, Mike Cannon-Brookes, said, “This brings Australia one step closer to realising our renewables exporting potential.
“We can power the world with clean energy and Sun Cable is harnessing that at scale. It’s a blueprint for how we export energy across the world. We fully back this vision.”
