FOR IMMEDIATE RELEASE
12 July 2011
Starfish Ventures “Energy Response” sale – a foundation for cheaper, greener electricity for all Australians
MELBOURNE July 12, 2011 – Starfish Ventures, Australia’s largest venture capital investor, is confident that the acquisition of Energy Response Pty Ltd, by EnerNOC, Inc (NASDAQ: ENOC), the world’s leading provider of demand response applications and services, has positive implications for Australians.
While the carbon debate rages, it is important to look at current renewable energy technology developments in Australia, and where the country can benefit from further investments in the sector, no matter how the debate is resolved.
“Companies like Energy Response represent the Australian ingenuity we need to bridge to a low carbon future” said Starfish Ventures’ Investment Director Ivor Frischknecht.
Energy Response focuses on implementing energy management solutions to make the electricity industry more efficient, striving to save energy at times of peak demand or during a grid emergency.
Demand Response (DR) is a way to reduce the need to raise electricity prices, as approximately half of the rate rises are due to network infrastructure investment aimed at supporting peak demand. Some 25% of the $24 billion estimated retail cost of electricity in the National Electricity Market is caused by peak events that occur for a total of less than 40 hours per year (0.05% of the year).
Widespread deployment of intermittent renewable energy generation under the existing Renewable Energy Target will increase the need for costly peaking generators and overbuild of transmission infrastructure, both of which DR mitigates.
Enernoc’s acquisition will provide more capital, more expertise and technology, and more jobs in Australia focused on DR. Former Energy Response Director and Starfish Ventures’ Principal Michael Panaccio said “Energy Response’s acquisition by EnerNOC will enable demand response in Australia and NZ to adopt world best technology and benefit from additional investment from overseas.”
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About Starfish Ventures
Established in 2001, Starfish Ventures is an Australian owned venture capital fund manager seeking superior returns through active investment in innovative technology companies. Starfish Ventures has over $385 million in funds under management and has made investments in over 30 companies to date. Starfish Ventures most recent fund includes the Starfish VicSuper Cleantech Companion Fund, a dedicated pool of capital for globally competitive clean-tech investments.
Starfish Ventures seeks investments in emerging Australian businesses across all technologies sectors including information and communications technology, biotechnology and life sciences, industrial technology, and cleantech. For more information go to www.starfishvc.com
For further information:
Marketing and Communication Manager, Starfish Venture - Ph: 03 9654 2121 or 0438 123356