A multi-million-dollar project backed by the Palaszczuk Government will help a Brisbane start-up to develop a tool that is set to slash power bills and create jobs for Queensland. 

University of Queensland researchers are combating forecast electricity price hikes of up to $430 a year by developing a system to enable more households and businesses to produce renewable energy, while also making it cheaper to feed that energy back into the grid.

Australian renewable energy startup, Redback Technologies, today announced a US$7 million (approx. A$8.99 million) investment in the company, US$5 million (approx. A$6.42million) by Clean Energy Innovation Fund and US$2 million (approx. A$2.57million) by Right Click Capital.

EnergyAustralia is promising to "put the customer in the driving seat" of their home energy use with the launch of its "next generation" Redback smart solar-plus-storage system which it says should pay for itself within about seven years.

A Brisbane-based energy technology startup Redback Technologies plans to double its current workforce of 54 over the next six months.

Redback Technologies has been selected by Contact Energy, one of New Zealand’s leading energy generators and retailers, to participate in a Virtual Power Plant (VPP) trial in Wellington.

Renewable energy business Redback Technologies’ Managing Director; Philip Livingston, has joined as the newest member of the Australian Power Institute (API) Board of Directors. With its mission to provide quality engineering graduates to the energy industry, API is looking to Redback to reinvigorate its initiatives and encourage new energy innovations within its remit.