Clean Energy Finance Corporation and Right Click Capital invest A$8.99million in Redback Technologies
Thursday 12th October, 2017
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.
The equity investment supports Redback’s innovative approach to the development and integration of software and hardware to optimise the generation, storage and management of energy for residential and commercial users.
Redback Technologies Founder and Managing Director, Philip Livingston, said the investment will allow Redback to expand its R&D capabilities, accelerate development of its smart software suite and expand its technical and professional workforce by over 30 full-time employees in the next 6 months.
“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,” Mr Livingston said.
“Redback’s smart software uses machine learning to predict solar generation and customer usage, using inputs like weather data, and then makes intelligent decisions on how to use energy to achieve the best outcome for customers. Its capabilities ensure effective management of energy at the customer’s site, resulting in lower bills and a reduction in fossil fuel reliance.”
“Redback is committed to innovation with a large proportion of our staff working in the development of smart energy solutions. This investment will see us expand our expertise in data science, software development and engineering, electrical engineering, and general business support.”
Redback‘s first offering, the Smart Hybrid System embeds a high level of energy intelligence and the ability to control loads into a streamlined hybrid solar PV inverter and battery enclosure at a disruptive price point, driving down energy costs for end users by optimising energy usage. Redback’s software also enables thousands of systems to be aggregated to form a virtual power plant to provide grid services, demand response and support the increased integration of renewables into the grid.
The Innovation Fund, which uses Clean Energy Finance Corporation’s (CEFC) finance to invest in innovative clean energy companies and projects, draws on the combined skills and experience of the CEFC and the Australian Renewable Energy Agency (ARENA).
Right Click Capital’s Growth Fund, which focuses on investing in early-stage, high-growth tech businesses across the Asia-Pacific region, will invest the remaining US$2million (approx. A$2.57 million) to support Redback’s efforts in scaling its operations within Australia and the wider Asia-Pacific region.
CEFC CEO, Ian Learmonth, said widespread deployment of Redback’s hardware and software technology promises significant improvements in the way households manage their energy use.
“By helping finance the development of Redback’s energy intelligent platform and devices, we are looking to accelerate the adoption of home energy management systems and battery storage across Australia, which is good news for household budgets, and for Australia’s move towards net zero emissions by the second half of the century,” Mr Learmonth said.
Right Click Capital Partner, Benjamin Chong said, “The inherent inefficiencies within the energy sector in Australia makes it ripe for disruption. Redback Technologies is a prime example of this, providing everyday Australians with an alternative, low-cost solution to energy generation, storage and consumption.”
“We are excited by the solid track record of Redback’s management team and their ability to leverage technology to provide intelligent energy management solutions for households and businesses in Australia and beyond.”
This investment follows EnergyAustralia’s AUD$9.3 million investment in Redback in October last year. Redback Smart Hybrid System is available through EnergyAustralia and its dealer network and a range of third party installers across the country.