Redback and UQ agreement to commercialise solar storage innovations
Leading energy storage provider Redback Technologies has today announced the signing of a Memorandum of Understanding (MOU) with The University of Queensland (UQ) aimed at accelerating the global commercialisation of Redback’s existing game-changing technology, as well as the results of future cutting edge energy research from throughout the university.
The MOU is with UQ’s commercialisation company UniQuest and involves taking an equity position with Redback in return for exclusive licences to UQ technologies developed under a research partnership agreement.
Redback Technologies, established in 2015, and UQ have been at the forefront of research which has led to the development of efficient, cost effective energy storage – the so-called holy grail of the new energy frontier – which give businesses and households the opportunity to capture, store and manage solar energy, providing an accelerated return on investment.
The partnership agreement will see joint projects expanded and the rapid commercialisation of UQ’s energy storage research insights from various disciplines across the university, including engineering, science, computer science and economics,. The UQ/ Redback partnership further cements UQ’s position as a leader in innovative renewable energy research.
Under the agreement, Redback will be able to access UQ’s renowned solar energy assets for testing and demonstration purposes.
As a product of the success of the Queensland Government’s and UQ’s ilab initiative, Redback is a confirming example of ilab attracting and assisting start-up companies to become world changing global businesses.
Redback’s founder and Managing Director, Philip Livingston, said the company’s decision to locate itself in Queensland had proved highly successful.
“Establishing ourselves at ilab has really helped us maintain an innovative start-up culture while accessing the research excellence with UQ. ilab is a fantastic initiative the Queensland State Government and UQ and has been proven successful in fostering and attracting start-up innovation to Queensland.”
Mr. Livingston went on to say, “the partnership with UQ will enable Redback to provide customised downstream software benefits to prospective clients including energy retailers, network service providers, telco’s and solar installation companies, as a means of enabling the next generation grid to take form.”
UniQuest CEO Dr Dean Moss said the partnership highlights UQ’s flexibility and readiness to engage with industry. “This is a real partnership demonstrating UQ’s commitment to support the entrepreneurial SME’s that are shaping the world’s future.”
“With the support of UniQuest/ilab, Redback established itself in Queensland and began its impressive path to growth. By drawing on UQ’s research excellence and expertise, we’ll continue to collaborate with the view to converting research discoveries into exciting, innovative new products that create change,” Dr Moss said.
His words were echoed by Professor Paul Meredith, Director UQ Solar, Global Change Institute: “UQ has a rich history of cutting edge renewable energy research, particularly in the systems integration space. Through this partnership, we are excited to combine our multi-disciplinary research capacity with Redback’s energy storage innovations and entrepreneurial drive. We see this as a path to accelerating the impact of our research upon the world, and for driving innovation in our State.”
Redback’s management has over a century of experience in renewable energy generation, engineering, manufacturing, software development and energy market regulation. Founded in April 2015 and based in Brisbane, Redback Technologies is supported by the Microsoft Innovation Centre and has established alliances with leading edge partners including Sonepar and UQ to ensure high quality, innovative and feature rich products that are delivered to customers at disruptive prices.