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Australian Startup 5B Gets BP Backing to Install Solar Farms in Minutes

Bloomberg · Will Mathis · last updated

An Australian renewable startup has raised A$20 million ($13.7 million) from the venture arm of energy giant BP Plc to further develop its technology to deploy solar power in a matter of minutes. 

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Related Knowledge Center: ENERGY BASICS: solar

State of Play

Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.

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