ARENA shines $25.3 million on copper solar panel startup SunDrive

The government-backed Australian Renewable Energy Agency (ARENA) has tipped $25.3 million in new funding into Sydney startup SunDrive, which is developing cheaper, copper-based solar panels.

It’s the second major funding injection from ARENA, which also tipped $11 million into SunDrive in 2023 and has now supplied nearly $40 million in capital.

SunDrive began life in a Wollongong garage in 2015, cofounded by Vince Allen and uni mate David Hu. Allen developed the idea of using copper as a cheaper alternative to silver in solar panels, which could make the new cells up to 30% cheaper.

Blackbird backed SunDrive’s Seed round in 2018, then a $5 million Series A in 2020. The company went on to raise $21 million in a Series B in 2022, but last year was forced to trim its sails and sheds jobs

SunDrive’s backers also include Atlassian founder Mike Cannon-Brookes, the Clean Energy Finance Corporation, Canva founder Cameron Adams, former PM Malcolm Turnbull and Tesla chair Robyn Denholm.

The Advancing Renewables Program funding from ARENA will also support SunDrive’s collaboration with manufacturer Maxwell and Vistar to scale and commercialise the copper solar cell tech to a 300MW commercial-scale production tool. 

SunDrive CEO Natalie Malligan said the funding was strong validation of their strategy.

“It shows how Australian innovation can compete globally, and how with the right support, we can take homegrown technology to the world,” she said.

Vince Allen said the decade-old startup’s next phase is the culmination of this original idea.

“With silver prices nearly tripling in three years and solar now using a third of global industrial silver, the industry urgently needs a silver-free alternative,” he said.

“With ARENA’s support and our partners’ expertise, this project intends to deliver a scalable mass-production solution.” 

ARENA CEO Darren Miller said SunDrive’s unique manufacturing process also results in higher cell and module efficiencies which could have huge benefits for global decarbonisation efforts.

“We’re providing a further $25 million in funding to help scale up SunDrive’s technology which could significantly help push the boundaries of efficiency and affordability and unlock the potential of ultra low-cost solar,” he said.