Clean Energy Innovation Fund and Right Click Capital back Redback game changing solar technologies
The Clean Energy Innovation Fund and Right Click Capital
today announced an investment of US$7 million (approx. A$8.99 million) into
Australian renewable energy start-up Redback Technologies, as part of its
Series A-2 capital raising round.
The equity investment supports Redback's development and
integration of innovative smart software and hardware technologies to optimise
the generation, storage and management of solar 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. 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.
The news follows EnergyAustralia's A$9.3 million investment
in October 2016 that has seen the company offer Redback's Generation 2 Smart
Hybrid System to its 1.7 million customers in Victoria, New South Wales,
Queensland, the ACT and South Australia.
The Innovation Fund - which uses finance from the Clean
Energy Finance Corporation (CEFC) to invest in innovative clean energy
companies and projects - has committed US$5 million (approximately A$6.42
million) to Redback. The Innovation Fund draws on the combined skills and
experience of the CEFC and the Australian Renewable Energy Agency (ARENA).
Right Click Capital's Growth Fund, which invests in
early-stage, high-growth tech businesses in the Asia-Pacific region, has
invested a further US$2 million (approx. A$2.57 million) in Redback, and will
also contribute its specialist experience to support Redback's expansion in
Australia and the wider Asia-Pacific region.
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 strengthen
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.
CEFC CEO Ian Learmonth said: "Australia has the highest
penetration of rooftop solar in the world. We can lead the way in developing
innovative technologies like Redback's that mean households and businesses get
the most benefit from these investments.
"We want to see home and business energy management
systems and battery storage solutions become commonplace in Australia, offered
as part of an integrated power solution that gives consumers more control over
their energy. Better managing our individual energy use is good for power
costs, and it's good for lowering carbon."
Right Click Capital - which focuses on early-stage
technology with the potential to disrupt inefficient sectors - offers both
financial backing and the benefit of its lengthy experience in building and
scaling ambitious technology businesses.
Right Click Capital Partner Benjamin Chong said: "The
inherent inefficiencies within the energy sector in Australia makes it ripe for
disruption. Redback Technologies is uniquely positioned to seize this
opportunity, with the power to provide 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 the firm's ability to leverage technology to provide
intelligent energy management solutions for households and businesses in
Australia and beyond."
ARENA CEO Ivor Frischknecht added: "We're proud to get
behind Australian innovation that helps Australian households and businesses
make better use of their rooftop solar and battery storage, improve efficiency
and save on energy costs."
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