GreenSync has recently been acquired by CrescoNet, the newly established technology development arm of Australian and New Zealand smart metering and energy data business the Intellihub Group.
The transaction brings together Intellihub’s advanced smart metering platform with GreenSync’s cloud based DER interoperability software, deX. The unique partnership allows Intellihub to deliver the ground-breaking deX technology to customers across Australia and New Zealand, and further deploy internationally through CrescoNet.
Intellihub is Australia and New Zealand’s largest and fastest growing smart metering and data intelligence provider. It currently has over 1.2 million smart meters under management and in 2022 it expects its smart meter installation rates to double to 2,000 meters a day.
As Intellihub’s CEO Wes Ballantine said in its industry statement today, the acquisition was strategically important as the energy sector grapples with the rapid increase in household renewable energy systems.
“There’s about one gigawatt of renewable energy generation capacity sitting behind Intellihub’s smart meters. That’s expected to grow to three gigawatts over the next few years. There’s also a growing level of dispatchable resources like pool pumps, hot water systems and Electric Vehicles.The deX platform is perfectly geared to partner with the edge computing capability in our new smart meters to access this flexible generation via VPPs.Together they unlock value for retailers and consumers and help to stabilise the grid and absorb more renewables.”
Wes Ballantine, Intellihub Group CEO.
CrescoNet Group, with its headquarters in Sydney, Australia, now operates a number of businesses worldwide, delivering integrated digital utility IoT solutions and services for smart water, gas, electricity and DER management.
CrescoNet Group CEO Adrian Clarke, who was Intellihub’s founding CEO and has transitioned to lead the new CrescoNet initiative, sees deX as a critical middleware platform providing the link between utilities and customer DER globally.
“DER connectivity is at the centre of smart grid transformation.deX has proven to be the premier platform for DER registration, near real-time visibility, control and data management required for grid compliance and Virtual Power Plant (VPP) participation. We’re impressed by the technology and OEM partnerships GreenSync has developed and the scaled implementation for critical services across Australia. We’re excited to now include deX in the CrescoNet suite and be able to deliver this technology globally.”
Adrian Clark, CrescoNet Group CEO
The deX platform was originally conceived by GreenSync in 2017, building on the company’s extensive experience in cloud based DER coordination. With the support of investors and the Australian Renewable Energy Agency, the technology has been developed and piloted with key Australian utilities and global technology partners. Over the last 18 months GreenSync has scaled the deX technology in production to support the ongoing grid hosting of rooftop solar PV, and today is registering over 1,000 systems per week.
The deX platform is being used in the vast majority of newly connected solar homes in South Australia, enabling households to seamlessly comply with emergency backstop provisions under the State Government’s Smarter Homes program. In February this year it was also selected by Western Australian based energy retailer Synergy to deliver a universal solution for emergency solar management across the state’s South West Interconnected System.
These important grid compliance programs lay the foundations for VPP access at scale, allowing electricity retailers and their customers to optimise DER at scale. Over 95 percent of major global solar and storage inverter Original Equipment Manufacturers (OEMs) are using the deX platform, providing registration, visibility and control for devices across Australia and globally. This capability will now be expanded to support new requirements such as 2030.5 based CSIP-Aus flexible export controls and link with emerging DER including electric vehicles and heat pumps.
Over the last 18 months GreenSync’s outgoing Executive Chair Mark Woodall has led our Executive team to deliver these important programs and transition the business to a long term owner.
“The acquisition by Intellihub via CrescoNet realises the vision of GreenSync. We’re excited to bring GreenSync’s technology to scale here in Australia and globally through this unique partnership.”
Mark Woodall, Outgoing Executive Chair
GreenSync would like to recognise Mark and the Executive team for their leadership that has culminated in such an important outcome for staff, shareholders and our technology. We would also like to acknowledge and thank GreenSync’s founder Dr Phil Blythe, our investors, staff (past and present) and our Board who worked for over 10 years to realise the vision of GreenSync. The acquisition is a testament to the talent and dedication of everyone involved.
We look forward to building on this foundation as we scale the technology in Australia and internationally and expand to support EVs, heat pumps and other sustainable technologies. We also look forward to maintaining and extending our partnerships with our many partners and customers as we support the acceleration of the energy transition to net zero.
The Intellihub Group is a large Australian and New Zealand based utility services company that delivers innovative metering and data solutions that maximise digital and new energy services. It is an experienced and leading provider of multi-utility services across electricity, gas and water networks for residential, commercial & industrial, embedded network and solar metering customers. It specialises in asset management, installation, financing, and the day-to-day operations of smart meters, managing more than 1.2 million advanced smart meters, with a significant committed deployment pipeline. It’s new Intelli-M smart meter is now its default meter, including edge computing power and wave form capture configuration. It is the only independent smart metering provider across ANZ, supplying smart meters to more than 30 energy retailers such as Origin Energy, Aurora Energy, Mercury Energy, Simply Energy, ActewAGL and Telstra Energy. It is a 50/50 joint venture between Pacific Equity Partners (PEP) and global asset manager Brookfield.
CrescoNet has been spun out of Intellihub in 2020 as a separate technology arm to focus on digital metering and DER services complimenting Intellihub’s metering infrastructure services. Today, CrescoNet Group is an independent entity focused on delivering best of breed and future proof solutions and services to utilities worldwide, establishing a digital partnership catering for the challenges utilities face from disruption of their customer facing assets.
CrescoNet Group, with its headquarters in Sydney, Australia, runs and operates a number of businesses worldwide delivering integrated digital utility IoT solutions and services for smart water, gas, electricity and DER management.