Startup · $275m raised · Energy
Ambitious renewable energy transmission project
Singapore, NT
Every investor coverage indicates participated in a round SunCable raised.
| Investor | Rounds | Invested |
|---|---|---|
| Grok Ventures | Venture debt · Series B | $65,000,000 |
| Mike Cannon-Brookes | Venture debt · Series B | $65,000,000 |
| Grok Capital | Venture debt | $65,000,000 |
| Dr Andrew Forrest | Series B | - |
| Squadron Energy | Series B | - |
The transaction that ended SunCable's run as a startup, per published coverage. It closes the funding history too, where it is the ladder's last rung.
| Bought by | Kind | Announced | Price | Sources |
|---|---|---|---|---|
| Helietta Holdings | Acquisition | Sep 2023 | - | Startup Daily (6 Nov 2023), Startup Daily (11 Sep 2023) |
| Grok Ventures | Acquisition | May 2023 | - | RenewEconomy (9 Feb 2024), RenewEconomy (4 Jul 2023) |
Companies SunCable acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Stories naming SunCable. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
SunCable denies reports its huge Northern Territory project is faltering, saying its fundraising is on track with healthy investor interest, while Grok Ventures reportedly weighs selling part of its stake.
Blackbird partner Samantha Wong reflects on a decade of the firm's Sunrise conference and Australia's startup ecosystem, recalling Atlassian's Nasdaq listing and Aconex's float and sale to Oracle.
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Roundup: Space Machines' joint India mission clears a design milestone with an $8.5m government grant behind it, RMIT and Skykraft scale up photonics-based navigation tech, and SunCable names a new group CEO.
Jelix's note explains its fund's participation in Fugu Carbon's newly announced seed round, with Investible leading and Counteract VC plus Electrifi Ventures also in, covering the carbon capture venture's market, technology and founders.
Perth green hydrogen developer LH2 Energy has secured an undisclosed seed sum from a European private investor joining backers from Japan, Korea and Australia for its planned Darwin floating hub.
An interview with Sun Cable's co-founder about his advisory firm's new report urging Australian investment in solar recycling, aviation fuel, and clean export industries.
Mike Cannon-Brookes' investment vehicle Grok Ventures has hired Tan Kueh, ex-Macquarie, UBS and BlackRock, as CEO, joining CIO Jeremy Kwong-Law, as it sharpens its strategy around climate investing.
SunCable appoints two industry executives — Cameron Garnsworthy as Australian managing director and Martin Hay as chief development officer — to drive the onshore component of its Northern Territory baseload solar and storage project.
A rolling roundup of Australian energy-sector job moves, listing dozens of executives, directors and ministers joining or leaving utilities, regulators, developers and industry bodies between May and December 2023.
5B, a New South Wales solar technology firm, has hired Sun Cable's co-founder and ex-CEO David Griffin as its new chief executive, succeeding co-founder Chris McGrath.
SunCable has picked Bell Bay in Tasmania for its manufacturing facility after a two-year site search; the piece also recalls the administration fight that left Cannon-Brookes' consortium in control.
Sun Cable has picked Bell Bay in Tasmania for a potential cable factory to serve its planned solar power exports to Singapore, though the idea remains at an early stage.
Renewables investor Quinbrook has completed fundraising for its UK-focused Renewables Impact Fund, securing £620 million in commitments (A$1.2 billion), more than a fifth above its £500 million target.
Billionaire Mike Cannon-Brookes, via a Grok-linked joint venture with Quinbrook, has completed the buyout of SunCable out of administration; the article also recalls earlier raises and names an interim CEO.
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Sun Cable cuts scores of jobs and its three founders step back from executive roles as buyers Grok Ventures and Quinbrook finalise the takeover agreed in May.
Also RenewEconomy
A Grok Ventures-led consortium with Quinbrook has agreed to acquire Sun Cable out of administration, reviving plans to ship solar power to Singapore, after Andrew Forrest's side stayed out of the final bidding.
Solar manufacturer 5B has started building its automated pilot production line in Mascot, NSW, with support from an ARENA grant; the company counts Turnbull, Holmes à Court and BP among its backers.
Administrators begin selling Sun Cable; Cannon-Brookes' Grok lent $65 million interest-free to retain staff while Forrest's Squadron Energy opposes the Singapore cable plan.
Atlassian's cofounder, through his family firm Grok Ventures, has extended a $65 million interest-free loan to administrator-run Sun Cable, which is up for sale after a founder split; Grok earlier co-led its $210 million Series B.
Sun Cable's administrators held a first creditors' meeting and sought interim funding while preparing the company for sale, with Forrest and Cannon-Brookes likely bidders and Iberdrola and Macquarie possible contenders.
The energy minister plays down Sun Cable's move into voluntary administration as a structural change, insisting its Australia-Asia PowerLink will proceed, while co-backers Cannon-Brookes and Forrest have reportedly fallen out.
Solar developer Sun Cable has entered voluntary administration after its two major backers failed to agree on funding, with FTI Consulting appointed and a recapitalisation or sale flagged as likely.
BP's venture arm invested $20 million to complete solar company 5B's $55 million Series B, with existing backers adding more, supporting international expansion and a North American manufacturing hub.
Australian solar company 5B completed its $55 million Series B after bp ventures invested $20 million, joining AES and Artesian, with funds earmarked for global expansion and R&D.
Australian solar firm 5B completed a Series B round and is cutting staff while refocusing on its Maverick deployment technology amid supply chain pressures.
Ignition Lane's weekly roundup covers Linktree's unicorn raise, several Australian funding rounds, Tiger and Insight's new mega-funds, falling SaaS valuations, the ACCC's action against Meta, and new accelerator and product launches.
Startup Daily's weekly SUDS podcast wrap: UK laws threatening jail for tech executives, interviews with founders of SpaceDraft, Flowingly and Book An Artist, Sun Cable's solar export ambitions, and NFT tax guidance.
Green power exporter Sun Cable secured a $210 million Series B from existing shareholders, led through the billionaires' vehicles Grok Ventures and Squadron Energy, moving its Australia-Singapore electricity link closer to go-ahead.
Sun Cable has raised A$210 million in Series B funding from existing shareholders, led by Mike Cannon-Brookes' Grok Ventures and Andrew Forrest's Squadron Energy, for its giant solar, battery and subsea cable project.
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Atlassian's Cannon-Brookes, via his family firm Grok Ventures, has invested $200 million in renewables project financier Infradebt days after his AGL bid was rejected; the capital is already funding a Queensland battery project.
Solar technology company 5B has launched an automation program backed by a government agency grant, aiming to cut the cost of its deployable solar systems, and recently bought a solar manufacturing business.
Also @AuManufacturing