Redback brings intelligent tech to optimise energy use
Supporting innovation to accelerate the development of renewables
Queensland based Redback Technologies has developed a Smart Hybrid System that optimises solar generation, storage and management of energy for households and businesses. The system uses machine learning to predict solar generation and customer usage to optimise clean energy consumption.
This investment will enable us to further develop our next-generation energy intelligence platform and devices and further cement our vision to ensure Australian households and businesses are entirely powered by renewables.Philip LivingstonFounder and Board Member, Redback Technologies
The CEFC, through the Clean Energy Innovation Fund, committed US$5 million to Redback Technologies as part of the company’s US$7 million Series A-2 capital raising round. Redback also secured a US$2 million investment from Right Click Capital.
A true Australian start-up success story, Redback was founded in 2015 in Brisbane to close a gap in the local renewable market, developing products designed for Australian homes, to work in Australian conditions.
The investment will allow Redback to expand its research and development capabilities, accelerate development of its smart software suite and strengthen its technical and professional workforce by over 30 full-time employees. It will also 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, Queensland, the ACT and South Australia. 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.