Australia-based Allume Energy, a developer of SolShare: a technology for connecting apartments to rooftop solar, announced that it has received a $1.5M (approximately €1.39M) bridge investment from Elemental Excelerator and the Schmidt Family Foundation.
Roman Torres, impact investing associate at the Schmidt Family Foundation says, “Allume’s SolShare is exactly the kind of groundbreaking technology we’re thrilled to support; its innovative use of machine learning, combined with Allume’s focus on benefiting low-income areas and affordable housing, pushes the boundaries of what’s possible for solar economics and underlines the company’s commitment to inclusive, sustainable energy access for all.”
Allume Energy says that the funds will help expand its SolShare technology and bring rooftop solar to over 4,000 residents in the Southeastern US, with a focus on Florida, Georgia, and Mississippi.
The goal is to provide clean and affordable energy access to low-income residents in these regions.
The SolShare technology
Allume Energy offers SolShare technology, which simplifies solar panel installation in multi-family homes. This system, installed behind the meter, efficiently distributes solar energy to individual units based on user preferences, monitors energy demand, maximises bill savings, and ensures fair allocation of solar power among tenants.
The system aims to make solar energy more accessible and cost-effective in shared residential buildings. It delivers electricity bill savings, averaging up to 40 per cent for beneficiaries.
The first US pilot project in Orlando resulted in an average annual savings of $1,166 per apartment in the first year, including net metering credits.
The company’s upcoming projects across the Sun Belt are expected to prevent over 10,000 tons of CO2 emissions, equivalent to removing 2,000 cars from the road for a year. The company is expanding with its second installation in Orlando, making it a total of three US installations, with another site in Jackson, Michigan.
The collaboration between Allume Energy, Elemental Excelerator, and the Schmidt Family Foundation aims to bring clean energy benefits to underserved communities. This will not only benefit the environment and reduce costs for tenants but also has the potential to create additional climate and economic advantages in these communities.
Allume CEO & co-founder Cameron Knox says, “Until recently, solar technology has primarily been saving money for people who already have it. We need to ensure we include everyone in the energy transition. This partnership will ensure low-income communities can benefit from clean, affordable energy from the sun.”
Creating a world where everyone can access clean energy
Founded in 2015, Allume Energy has developed SolShare, a pioneering technology that allows residents of low and medium-rise apartment buildings in the U.S. to share solar energy from a single rooftop system.
This innovation overcomes previous technical and ownership obstacles, making clean and cost-effective solar energy accessible to apartment dwellers. Allume has entered the Australian market and is now expanding rapidly in the UK and the US.
According to Allume, over 15 million people in the US live in low and medium-rise apartment buildings, with roof space for solar but no way of accessing it. Allume’s technology allows fair sharing of rooftop solar energy among apartment residents, eliminating past barriers. They are expanding from Australia to the UK and the US.
Allume is already providing around 2,000 apartments with clean affordable energy globally, with around half of those in social or affordable housing. By bringing SolShare to the U.S. market, Allume is helping reduce the income gap that has plagued the American solar energy market. Solar installations can be 30 to 40 times more prevalent among single-family homes than apartments, echoing a profound lack of solar energy availability among lower-income families. Allume’s ability to close this gap, as it has already demonstrated in Jackson, Mississippi, and Orlando, Florida, drew investment interest from Elemental Excelerator and the Schmidt Family Foundation.
Currently, the company provides clean, affordable energy to around 2,000 apartments globally, with a focus on social and affordable housing. Allume has demonstrated success in cities like Jackson, Mississippi, and Orlando, Florida.
Elemental Excelerator Founder & CEO, Dawn Lippert says, “We originally invested in Allume Energy because they are leaders in bringing affordable solar to affordable housing. We could all use an extra $1,000 a year in our pocketbooks rather than spend on electricity bills.”
“We are now thrilled to collaborate with others in funding Allume’s expansion in the sunny Southeast. Solar electricity is cheaper and cleaner than fossil fuels, and it is time that we all have access to it,” adds Lippert.
Brief about the investors
Elemental is a non-profit organisation specialising in climate technology investments with a significant focus on community impact. With over a decade of experience in the climate sector, they have a portfolio of 150+ companies. The firm’s mission is to bridge two critical gaps in climate action: funding climate technology projects within communities and promoting equity and accessibility within climate solutions.
The Schmidt Family Foundation, established in 2006 by Eric and Wendy Schmidt, aims to restore a balance between people and the planet. Through grants and investments, they collaborate with global communities to advance renewable energy, resilient food systems, healthy oceans, and the protection of human rights.
The foundation operates through two main programmes: The 11th Hour Project and Schmidt Marine Technology Partners. Using these initiatives, the foundation makes grants and impact investments that drive positive environmental and social change.