Origin Energys Acquisition of 5% Stake in Allegro Energy Completed

ReNu Energy (ASX: RNE) announces Origin Energy's acquisition of a 5% stake in Allegro Energy Pty Ltd, an investee company. The strategic investment, valued at AU$4 million, will support the progressive development of a 60MWh (megawatt-hour) pilot Redox Flow Battery (RFB) project. Allegro Energy specializes in clean and sustainable technologies, including water-based RFB and supercapacitors, which are non-flammable, non-corrosive, recyclable, and free from reliance on scarce materials.

The key innovation lies in Allegro's unique water-based electrolyte, enabling cost-effective and safer energy storage solutions compared to competing technologies. Utilizing the initial investment, Allegro Energy will establish an 800kWh(kilowatt-hour) pilot RFB at Origin Energy's Eraring Power Station. Furthermore, Origin has the option to provide additional funding, potentially supporting the deployment of a 60MWh RFB at one of its own facilities. This partnership demonstrates Origin Energy's commitment to advancing sustainable energy solutions through investments in innovative technologies alongside ReNu Energy.

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