A startup developing cheaper, copper-based solar panels, and backed by Australian tech royalty, has shed jobs and changed its executive leadership as part of a major restructure of the business
SunDrive’s investors include Atlassian founder Mike Cannon-Brookes, VCs Blackbird and Main Sequence, the federal government-backed Australian Renewable Energy Agency (ARENA) and Clean Energy Finance Corporation, Canva founder Cameron Adams, former PM Malcolm Turnbull and Tesla chair Robyn Denholm.
In a statement to Startup Daily, a company spokesperson said SunDrive “has undertaken a strategic review of its business to prepare the company for its next phase of commercialisation and sharpen its focus”, with the implication that the business will focus on developing technology to transform panel manufacture rather than producing the physical panels.
“SunDrive’s strength is in developing new technologies to advance solar power. We are committed to focussing on our core strengths of improving solar technology while continuing to pursue commercial partnerships to bring these technologies to market and accelerate the path to domestic manufacturing,” the spokesperson said.
The company did not say how many jobs would go but reports that suggest up to 50 roles may disappear, halving the size of the business, just months after energy giant AGL signed a deal with SunDrive as part of the federal government’s $1 billion plan to build a solar manufacturing hub in the Hunter Valley.
At least half-a-dozen engineers, working at SunDrive between 8 months and two years, have posted about being made redundant on LinkedIn.
“As part of the review, SunDrive has made the difficult decision to streamline its operations, resulting in some members of the team departing the business,” the statement said.
“This decision was not made lightly but we believe it is necessary to support SunDrive’s long-term success in continuing to deliver world-leading solar technology breakthroughs.”
The personnel changes also include cofounder and CEO Vince Allen moving to the CTO role, with current COO Natalie Malligan taking on chief exec. Malligan has worked with numerous venture and PE-backed companies, including Uber, and has an MBA from Columbia Business School.
SunDrive began life in a Wollongong garage in 2015, cofounded by Allen and uni mate David Hu. Allen developed the idea of using copper as a cheaper alternative during two years of studying for a PhD, which he scrapped to launch SunDrive. His idea replaces the silver in solar panels with copper, which could make the new cells up to 30% cheaper.
Blackbird backed SunDrive’s seed round in 2018, and founding partner Niki Scevak joined the startup’s board in 2020 following a $5 million Series A. The company went on to raise $21 million in a Series B in 2022. ARENA invested $11 million last year with Prime Minister Anthony Albanese opening SunDrive’s pilot production and commercialisation facility in southern Sydney last November. Albanese has been singing SunDrive’s praises in recent months.
SunDrive’s statement said the business “remains committed to building on Australia’s long and proud history of solar innovation and contributing to the growth and success of the Australian solar industry”.
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