AGL Selects Kaluza as Partner of Choice for Accelerating Decarbonisation and Funds Future Expansion by Investing US$100 Million (AU$150 million)
Melbourne & London – 11 June 2024 – Kaluza, a leading global energy software business, today announced that it is expanding its cornerstone partnership with AGL Energy (AGL), one of Australia’s largest energy retailers, to drive AGL’s retail transformation so that it can bring more affordable, low carbon solutions to its customers and accelerate Australia’s transition to net zero. Kaluza’s pioneering software platform enables energy utilities to reduce cost to serve by automating their customer operations and unlocking additional value streams through the optimisation of energy usage across millions of connected devices. The Kaluza platform will be rolled out to AGL’s 4 million customer services as part of its Retail Transformation Program and is expected to unlock around AU$70-90 million (US$46-60 million) of pre-tax cash savings per year from Financial Year 2029. The multi-year licensing agreement and investment builds on a close working partnership with AGL that began in 2021, including a joint venture which saw the successful operational and technical integration of the OVO Energy Australia customer base on the Kaluza platform with market-leading results. The transaction will also see AGL acquire a 20% stake in Kaluza for a cash consideration of US$100 million [around AU$150Million], subject to satisfaction of customary conditions precedent. The strategic investment values Kaluza at around US$500 million, making it one of the largest energy-tech investment rounds. The investment builds on Kaluza’s proven track record of supporting retailers like OVO Energy in the UK and Australia and will support Kaluza’s strategic expansion further within Europe and into Japan and the US where utilities face similar pressures to transform their retail operations and reduce costs while adapting to the realities of managing the energy transition. CLICK HERE to read the full article. |