Atlassian co-CEO Cannon-Brookes takes 11% ownership of AGL Energy

Atlassian Co-CEO Mike Cannon-Brookes poses for a photograph with Utah Jazz co-owners, Dwyane Wade and Ryan Smith throughout Spherical 1 Sport 3 of the NBA Playoffs on April 21, 2022 at vivint.SmartHome Area in Salt Lake Metropolis, Utah.

Melissa Majchrzak | Nationwide Basketball Affiliation | Getty Photographs

Atlassian Co-CEO Mike Cannon-Brookes has taken an 11% stake in Australia’s most outstanding utility firms, AGL Power, in an effort to pressure it to burn much less coal, a significant contributor to local weather change.

The Australian software program billionaire, who turned a component proprietor of the US’ Utah Jazz basketball workforce in 2020, purchased the stake via his non-public funding group Grok Ventures. He is now the most important single holder within the firm.

Cannon-Brookes has spoken out about threats from local weather change, and is now performing on his considerations after the corporate rejected a earlier takeover bid from him and different buyers.

The brand new marketing campaign goals to cease AGL’s proposed break up into two firms: Power retailer AGL Australia and electrical energy generator Accel Power. AGL Power Chairman Peter Botten wrote in a letter to buyers that the break up would assist Australia’s vitality system responsibly transfer towards decarbonization and create worth over the long run.

Cannon-Brookes does not share that view.

“The demerger is mindless, or cents. We imagine it destroys worth for everybody — shareholders, staff, Australia and the planet,” he wrote in a tweet on Monday. He urged different AGL Power buyers to vote towards the proposal.

He elaborated on his place in a letter to AGL Power’s board.

“Underneath the demerger proposal, AGL A [Australia] will proceed to supply a majority of its vitality from Accel Power, which immediately generates electrical energy with 50% greater emissions depth than the remainder of the grid,” he wrote. “We imagine this publicity to coal-fired energy era is inconsistent along with your proposal that AGL A [Australia] might be a frontrunner in sustainability.”

Cannon-Brookes and his good friend from the College of New South Wales, Scott Farquhar, based Atlassian in 2002. The collaboration-software maker went public in 2015, and with income development charges sometimes above the 30% mark, the inventory turned a favourite amongst development buyers.

Development software program firms, notably people who sometimes lose cash like Atlassian, have misplaced their sheen in current months as rates of interest improve.

However Cannon-Brookes stays one of many world’s wealthiest folks. He and Farquhar every personal 19% of Atlassian’s excellent Class A shares, that are price a mixed $25 billion.

In October, Cannon-Brookes and his spouse, Annie, made a “green pledge,” committing to spend over $1.5 billion on local weather initiatives by 2030. Grok Ventures has invested in renewable vitality firm Solar Cable, which is creating infrastructure to retailer solar energy in Australia and transfer it to Singapore. Grok Ventures additionally backed WeaveGrid, a San Francisco-based electric-vehicle software program start-up.

AGL Power stated on Monday that its coal-fired Loy Yang An influence plant in southern Australia went out of service on April 15 due to a generator fault and may not return to service till August, reducing full-year revenue expectations.

“Removed from leaning into alternatives, splitting it [AGL Energy] places additional stress on struggling coal turbines. We’re seeing this immediately with Loy Yang A,” Cannon-Brookes wrote in a tweet.

WATCH: Nationwide Grid CEO on the street to “internet zero” and fossil-free warmth within the Northeastern U.S.

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