SPECIAL REPORT: Innovation is a continuous focus for solar power provider Regen Power as part of its ongoing growth mission.
Innovation is a continuous focus for solar power provider Regen Power as part of its ongoing growth mission.
The winner of this year’s Rising Stars people’s choice award, Regen has about an 8 per cent share of Western Australia’s residential and commercial solar sales market, with more than 15,000 rooftop photovoltaic installations placing it in the state’s top three solar retailers.
It is targeting a 15 per cent share and market-leading position within three years.
Regen is also not afraid to diversify and has deployed off-grid solar solutions to mining projects and tourist resorts across WA.
It has likewise made strong impressions in international markets, including through commissioning ground-mounted utility scale solar farms in Malaysia and Vietnam, and installing India’s largest floating solar power plant.
Regen’s annual revenue has more than tripled in the past four years and it invests more than 2 per cent of this back into research and development.
Led by chief executive Chem Nayar, the company uses R&D to target further breakthroughs in technologies that can reduce fuel and power costs and greenhouse emissions for its customers.
Regen has received important industry awards for its efforts, forged links with The University of Western Australia and other academic institutions and received significant external funding, such as $600,000 from the Australian Research Council for its investigation of renewables-based microgrid applications.
The company’s embrace of innovation is not limited to the renewables product space.
Another key to Regen’s success has been shifting its marketing strategy to more digital channels and adopting a cloud-based customer relationship management system.
After significant losses arising from warranty claims in 2013-2015, Regen also turned from importing panels and inverters to sourcing premium products from WA-based suppliers.
The company is aware of looming business challenges such as solar market saturation and is again planning to innovate and diversify, into batteries, to ensure continued success.