Aussie co Redback gets USD 7m to back smart solar options

Australian renewable energy startup Redback Technologies has secured USD 7 million (EUR 5.9m) in fresh funds to support its expansion, R&D efforts and work on its smart software solutions for the solar market.

About USD 5 million of the financing came from the government-owned Clean Energy Finance Corporation (CEFC), through its Clean Energy Innovation Fund, and USD 2 million were provided by venture capital firm Right Click Capital in a Series A-2 capital raising round.

Redback uses software and hardware to enhance the generation, storage and management of solar energy for homes and businesses. The smart software relies on machine learning to forecast solar generation and consumption and makes intelligent decisions on power usage.

The company’s founder and managing director Philip Livingston explained that the financing will enable it to expand its research and development (R&D) activities, speed up the development of its smart software product and open more than 30 full-time jobs in the next six months. In addition, it will help it support the expansion of its business in Australia and the wider Asia-Pacific region.

“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,” Livingston said.

Last October, Redback obtained AUD 9.3 million (USD 7.3m/EUR 6.1m) from power producer and retailer EnergyAustralia to scale-up its smart solar technologies and promote the Redback Generation 2 Smart Hybrid System.

(USD 1.0 = EUR 0.843)

(AUD 1.0 = USD 0.782/EUR 0.659)

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