Queensland-based Redback Technologies has developed a Smart Hybrid System that optimises solar generation, storage and management of energy for households and businesses.
Redback's system uses machine learning to predict solar generation and customer usage. It then makes intelligent decisions to optimise energy usage, driving down energy costs for end users and reducing fossil fuel reliance. Redback's software also enables systems to be aggregated to form a virtual power plant, to provide grid services and support increased integration of renewables into the grid.
The Clean Energy Innovation Fund - which uses finance from the CEFC to invest in innovative clean energy companies and projects - has committed US$5 million (approximately A$6.42 million) to Redback. The Innovation Fund's equity commitment is part of Redback's US$7 million Series A-2 capital raising round, which has also secured a US$2 million investment from RightClick Capital.
The investment will allow Redback to expand its R&D capabilities, accelerate development of its smart software suite and strengthen its technical and professional workforce by over 30 full-time employees in the next 6 months. It will enable Redback to further develop its next generation energy intelligence platform and devices and further cement its vision to ensure Australian households and businesses are entirely powered by renewables.
Redback's Generation 2 Smart Hybrid System is being offered to Energy Australia's 1.7 million customers in Victoria, NSW, Qld the ACT and South Australia.
Learn more about Redback Technologies
Learn more about the Clean Energy Innovation Fund