Akaysha Energy Acquisition, Valuation, Funding & Investors
Akaysha Energy was acquired by BlackRock for $692M in August 2022.
About Akaysha Energy
Akaysha Energy is an Australian developer and operator of utility-scale battery energy storage systems, owned by a fund managed by BlackRock's infrastructure business, which acquired it in August 2022. Its projects include the 850 MW Waratah Super Battery on the New South Wales Central Coast and the Orana, Ulinda Park, Brendale, Elaine, Mobilong, Brinkworth and Deer Park batteries, and it has started construction of a grid battery in Japan. The company reports about 1,900 MW of storage in operation or construction, a pipeline of about 40 GWh and around 170 employees. NSW's EnergyCo appointed Akaysha as the service provider for the Waratah Super Battery's system integrity protection scheme, and in June 2023 BlackRock raised more than A$500 million from co-investors, including a A$100 million commitment from the Clean Energy Finance Corporation, to accelerate that project. The Waratah Super Battery reached final commercial operations on 28 September 2026.
Founded
2021
HQ
SydneyWebsite
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Services
Valuation
$692M (acquired Aug 2022)
Akaysha Energy Acquisition
Akaysha Energy was acquired by BlackRock for $692M on 16 August 2022.
Before the acquisition Akaysha Energy had raised $333M across 1 funding round.
BlackRock acquired Akaysha Energy, an Australian battery energy storage and renewable energy developer, through its Real Assets division and Climate Infrastructure business, in August 2022. BlackRock committed more than A$1 billion to the transaction and to supporting the development of more than 1 GW of battery storage assets across Australia. The seller and the stake acquired were not disclosed. Nick Carter, Managing Director of Akaysha, said that BlackRock's global capabilities and track record in climate infrastructure would help the company speed up the installation of utility-scale storage across Asia-Pacific. Andrew Landman, BlackRock's Head of Australasia, said the investment reflects the firm's commitment to accelerating Australia's energy transition, and Charlie Reid, APAC Co-Head of Climate Infrastructure, said battery storage investment is needed for grid resilience as coal plants retire earlier than expected. BlackRock said the backed projects would cut 15 million tons of CO2 equivalent over their lifetime. It was BlackRock Climate Infrastructure's first battery storage investment in Asia-Pacific. Akaysha was founded in 2021 and is based in Sydney. It covers project development, project finance and investment, and management of complex assets through delivery, and plans to expand into other Asia-Pacific energy storage markets and other renewables including green hydrogen.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 16 Aug 2022 | PE buyout | $692M |
Sources: esgtoday.com
Akaysha Energy Funding History
Akaysha Energy has raised a total of $333M across 1 funding round.
Akaysha Energy funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2023 | Undisclosed stage | BlackRock (lead); Clean Energy Finance Corporation | $333M | In June 2023 BlackRock announced that it had raised more than A$500 million (about US$335 million) from Australian and global institutional and sovereign co-investors, including NGS Super, to accelerate development of the Waratah Super Battery in New South Wales. The Clean Energy Finance Corporation committed A$100 million to the raising, co-investing with BlackRock, whose Infrastructure business had acquired Akaysha Energy in August 2022. Akaysha is building the 850 MW/1,680 MWh battery on the site of the former Munmorah power station on the NSW Central Coast, after being appointed by the NSW Government's EnergyCo as the service provider for the project's Systems Integrity Protection Scheme. The battery acts as a shock absorber for the grid, unlocking reserved transmission capacity so that more low-cost clean energy can reach the state's main load centres. The CEFC described it as the largest standby network battery in the Southern Hemisphere, and it began operating in August 2025. The commitment lifted the CEFC's backing of large-scale battery storage to almost 2,400 MWh across three states and the ACT. |
Who has invested in Akaysha Energy?
2 investors have backed Akaysha Energy across its funding rounds, including BlackRock and Clean Energy Finance Corporation.
Lead investors include BlackRock.
Akaysha Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAkaysha Energy Competitors
Akaysha Energy competitors include listed companies like Energy Vault and Hyliion, and private ones like Exeger, Silicon Ranch, Lunar Energy and Battery Smart.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $204M | ($83M) | $589M | 2.7x | |
 Stockholm | Private | - | - | $860M | - | |
| United States | Publicly listed | $3M | ($60M) | $534M | 37.2x | |
| Nashville, TN | Private | - | - | $495M | - | |
| San Francisco, CA | Private | - | - | $452M | - | |
 Gurgaon | Private | $18M | - | $450M | 25.0x |
Akaysha Energy Public Comps
Akaysha Energy is no longer listed, but its public comps include ADS-TEC Energy, XPLR Infrastructure, T1 Energy, Mogan Enerji, WIP Terminal, Cloudberry Clean Energy, Eos Energy Enterprises, Powerica, Borosil Renewables and Fluence Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $35M | ($3M) | 20.0x | 22.4x | (239.7x) | - | |||
| $1.2B | $607M | 11.5x | 10.4x | 22.5x | - | |||
| $755M | ($210M) | 2.0x | 1.6x | (7.0x) | 22.5x | |||
| $216M | $102M | 3.0x | 1.7x | 6.3x | 3.3x | |||
| - | - | - | - | - | - | |||
| $55M | $39M | 21.0x | 8.6x | 29.3x | 14.1x | |||
| $114M | ($930M) | 13.3x | 5.5x | (1.6x) | (6.1x) | |||
| $319M | $44M | 2.1x | - | 15.0x | - | |||
This data is available for Pro users. Sign up to see all Akaysha Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Akaysha Energy
| When was Akaysha Energy founded? | Akaysha Energy was founded in 2021. |
| Where is Akaysha Energy headquartered? | Akaysha Energy is headquartered in Sydney, Australia. |
| Is Akaysha Energy publicly listed? | No, Akaysha Energy was acquired by BlackRock in August 2022. |
| Who acquired Akaysha Energy? | Akaysha Energy was acquired by BlackRock in August 2022. |
| How much was Akaysha Energy acquired for? | Akaysha Energy was acquired for $692M in August 2022. |
| How much funding has Akaysha Energy raised? | Akaysha Energy has raised $333M across 1 funding round. |
| What was Akaysha Energy's last funding round? | Akaysha Energy's last funding round was a $333M undisclosed-stage round in June 2023, led by BlackRock. |
| Who are Akaysha Energy's investors? | Akaysha Energy's investors include Clean Energy Finance Corporation and BlackRock. |
| Which companies are comparable to Akaysha Energy? | Companies comparable to Akaysha Energy include Energy Vault, Exeger, Hyliion, Silicon Ranch, Lunar Energy and Battery Smart. |
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