Malcolm Turnbull joins Cannon-Brookes with stake in solar disrupter

The latest $21 million funding round was led by the innovation fund created by the CSIRO during Mr Turnbull’s time as prime minister – Main Sequence – and the federally funded Clean Energy Finance Corporation, with the latter confirming it had invested $7 million.

Grok and Blackbird also participated in the latest round while Mr Turnbull and Canva co-founder Mr Adams joined the register for the first time.

“There is a global race to produce solar cells that are more efficient, cheaper and scalable. SunDrive’s innovative technology enabling the use of copper instead of silver is a potential game-changer,” said Mr Turnbull in a statement.

“Australia continues to be a leader in the development and deployment of solar technology and SunDrive represents the next generation of innovation that will help deliver a net zero energy future both here in Australia and globally.”

SunDrive will use the $21 million to build a pilot production line to help accelerate its plan to mass manufacture solar panels in Australia.

Local manufacturing would help break China’s stranglehold on the Australian solar panel market, with Energy Minister Chris Bowen warning at the Financial Review Energy and Climate Summit this week that China supplied more than 80 per cent of Australian panels and that share would soon rise to more than 90 per cent.

Main Sequence managing partner Bill Bartee said SunDrive’s copper breakthrough could be a “genuinely transformative moment” in clean energy equipment.

“SunDrive’s technology enabling the use of copper instead of silver has the potential to revolutionise the solar industry. With SunDrive, Australia could be at the forefront of producing the world’s most efficient solar cells,” he said.

Clean Energy Finance Corporation chief Ian Learmonth said SunDrive could play a big role in making solar power more affordable and kick-starting a domestic manufacturing industry.

“The technology has the potential to revolutionise the onshore mass production of solar cells and the development of an Australian solar manufacturing industry. Improving sovereign manufacturing capability will increase Australia’s resilience to supply chain disruptions and further enable the uptake of solar PV,” he said.

Mr Turnbull’s involvement with SunDrive comes after he invested in American solar steam producer GlassPoint this year. GlassPoint aims to use mirrors to concentrate sunlight and produce heat which can be sold to industrials that require heat in their processes.

Mr Turnbull also created a new private company this year called Upper Hunter Hydro, which appears to be the vehicle through which he will pursue his long-held interest in pumped hydro electricity.

Mr Turnbull is also a director of a Fortescue Metals Group subsidiary focused on clean energy projects like “green” hydrogen made with renewables.