Aussie’s AGL Energy enters battery market after quitting gas ops

Solar power: An aerial view of a solar plant in New South Wales developed by AGL. The group says it will start a renewable energy development fund with an initial investment of A200mil. — EPA

SYDNEY: A week after quitting a gas business hammered by depressed oil prices, Australia’s AGL Energy has fast-tracked a shift into another competitive market by buying a stake in US solar battery maker Sunverge Energy.

The move, announced by AGL as it posted a A$449mil (US$317mil) half-yearly loss on its exit from gas exploration, intensifies the rivalry between the country’s No. 2 energy retailer and larger Origin Energy, which in 2015 began selling the batteries of Tesla Motors Inc.