Magellan Power Secures $15 Million Investment from Viburnum Funds for Australian Battery Manufacturing
Magellan Power, a Perth-based energy storage firm, has received a $15 million investment from Viburnum Funds, marking its entry into the private equity space. The funds will facilitate the expansion of Magellan's operations, including the local manufacture of the Karri residential battery and community battery systems. This investment aims to enhance Australian-made battery production and improve technology development. Magellan is also competing for funding through the federal government's Battery Breakthrough Initiative.
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Magellan Power has secured a $15 million strategic investment from Viburnum Funds, its first private equity investor. This funding will support the expansion of Magellan’s operations, including the local production of the Karri residential battery and community battery systems.
Founded in 1991, Magellan has evolved from UPS systems to energy storage solutions. The investment will accelerate the company’s capacity to scale its manufacturing and technology capabilities amid rising demand for Australian-made power electronics. Additionally, Magellan is pursuing funding through the federal government's $500 million Battery Breakthrough Initiative.
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