Solar tech startup Redback Technologies has raised US$7 million in capital from the Clean Energy Innovation Fund and Right Click Capital as part of its Series A-2 funding round.
Based in Brisbane, Redback offers an energy management system that uses machine learning to optimise the generation, storage and management of solar energy for households and businesses.
Founder and Managing Director, Philip Livingston, said the startup’s latest investment will enable it 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.” He said.
The government-backed Clean Energy Innovation Fund, which is jointly managed by the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA), contributed US$5 million (approximately A$6.42 million) to Redback. Meanwhile, Right Click Capital’s Growth Fund, which invests in early-stage, high-growth tech businesses in the Asia-Pacific region, invested US$2 million (approx. A$2.57 million) in Redback, and will also contribute its specialist experience to support the startup’s expansion throughout the Asia-Pacific region.
CEFC CEO Ian Learmonth said the investment in Redback was driven by a desire to see energy management systems and battery storage solutions become commonplace in Australia, not only to provide consumers with more control over their energy but to lower carbon.
Meanwhile, ARENA CEO Ivor Frischknecht said his agency was 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.”
Right Click Capital Partner Benjamin Chong added, “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.”
Redback’s latest capital raise follows a $9.3 million investment from EnergyAustralia, last October, which enabled it to offer its Generation 2 Smart Hybrid System to its 1.7 million customers across Victoria, New South Wales, Queensland, the ACT and South Australia.