Brighte secures $40m from CEFC as battery boom accelerates
The home energy fintech secures CEFC backing as battery installations run five times higher than this time last year, with 100,000 households installing storage in just four months.
"We were built for this moment," Brighte CEO Katherine McConnell tells Capital Brief after banking $40 million from the Clean Energy Finance Corporation to ride Australia's unprecedented battery storage surge.
The funding, secured under the federal government's Household Energy Upgrades Fund, will enable Brighte to offer discounted green loans at 6.99% - down from 8.99% - and support the rollout of up to $150 million in consumer energy resources across Australia.
Brighte has been financing household solar, battery and energy upgrades through a network of 2,500 installers across Australia since 2015.
McConnell said the company has proven its credit quality, having issued seven term-outs including Australia's first 100% green bond in 2020, with top tranches earning AAA ratings from Moody's. "Brighte's annualised loss rate is <1%," she said.
