Redback develops game-changing solar technologies to drive down energy costs
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. 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.
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 Clean Energy Innovation Fund – which uses finance from the CEFC to invest in innovative clean energy companies and projects – has committed US$5 million to Redback. The CEFC equity investment is part of Redback's US$7 million Series A-2 capital raising round, which has also secured a US$2 million investment from Right Click Capital.
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.
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