ReNu ups stake in green electricity retailer Enosi as latter teams up with Google for UNSW event

ReNu Energy (ASX:RNE) is to become a significant interest holder in renewables-focused energy retailer Enosi, which works with power plant operators to give them access to customers who want renewables-only electricity. 

Calling its product offering ‘Powertracer,’ Enosi acts as a middleman between electricity generators and consumers. The company’s focus on renewables-only power (read: solar and wind farms) places it firmly in the centre of a developing market for green electricity. 

ReNu, currently intending to produce green hydrogen in Tasmania by as early as 2024, originally made an investment in Enosi back in 2021. 

ESG reputation 

While it is unclear how much revenue this will provide the company, its decision to align itself firmly with an ESG-minded firm underscores the company’s overall desire to market itself as green. 

Customers with ‘smart meters’ will be able to access, according to Enosi, electricity that only comes from renewable sources, so long as they live close enough by an eligible and participating power plant. 

Enosi only operates on the east coast of Australia. 

Two tranches will be invested into Enosi by ReNu to up the latter’s stake: 

• Two payments of $250,000 before the end of the year (Oct 1 and Dec 1)  

• One payment of $500,000 on the last day of January 2023 (“subject to conditions.”)

Proud to support: management 

“We are proud to back Enosi and excited to increase our stake following Enosi’s Google agreement,” ReNu Energy chair Boyd White said. 

Enosi and Google are teaming up together to demonstrate Powertracer in a UNSW-backed initiative. 

“Enosi is a great fit in our portfolio at a time when companies around the world are reporting on their carbon reduction targets,” White added. 

Like the chair, ReNu CEO Greg Watson was also focused on the fact Google and Enosi have entered an R&D partnership. There is no guarantee a relationship between the two will continue. 

“Google choosing Powertracer to trace its energy use in Australia is an outstanding endorsement of Enosi,” Watson said. 

“The need to be able to trace [renewable] energy, prove its provenance, is a need that will grow.” 

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