Japan’s Rinnai Corp. has announced its entry into what it described as Australia’s “soaring” residential solar and battery energy storage market with the acquisition of Smart Energy.
Smart Energy sells and installs residential rooftop solar and battery energy storage systems, as well as heat pumps. The vertically integrated solar technology company has flourished since it was established in New South Wales in 2016. Co-founder Elliot Hayes said it is now one of the largest residential renewables companies in Australia, with 15 offices and more than 300 across the country.
Rinnai, best known as a supplier of heating, cooling and hot water systems, has identified Smart Energy as the ideal vehicle as it seeks to diversify its operations and establish a foothold in Australia’s surging residential solar and storage markets.
“In Australia, the adoption of solar power is accelerating rapidly, driven by the national commitment to carbon neutrality, and the rate of solar power systems installations in detached homes is soaring,” the company said. “Given market conditions, national policies, and other relevant factors, Rinnai Australia has for some time been considering the integration of photovoltaic into its operations.”
Rinnai Australia Managing Director Lucas van Raay said the acquisition represents a significant step forward for both companies, enhancing their capabilities and offerings in the renewable energy sector.
Van Raay said the integration of Smart Energy’s expertise in renewable energy, customer service, and high-quality solar PV systems with battery storage “aligns perfectly with our vision of delivering innovative and environmentally responsible solutions to Australian households and businesses … This strategic move enables us to accelerate the adoption of renewable energy technologies across Australia, offering fully integrated solutions that combine energy efficiency with home comfort and convenience.”
Hayes said the transaction marks a new chapter in the journey for Smart Energy.
“Our new partnership with Rinnai will allow us to reach further up the supply chain and leverage expertise in the manufacturing of goods to continue to improve the quality of products we can offer and the value we can provide to customers,” he said.
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