Billionaire Mike Cannon-Brookes’s Grok Ventures will provide a A$65 million ($45 million) loan to keep collapsed renewable energy startup Sun Cable operational while administrators seek a buyer.
The funding will include a six-month interest-free period, Grok said in a statement Friday.
Sun Cable entered voluntary administration last week amid a falling out between Atlassian Corp. co-founder Cannon-Brookes and iron ore magnate Andrew Forrest. The billionaires, both investors in the company, are at odds over whether to use clean electricity from a planned giant solar project in Australia for local use, or to export it to Singapore.
