Clean Energy Innovation Fund and Right Click Capital invest in Redback Technologies
Investment firm Right Click Capital and the Clean Energy Innovation Fund have announced an investment of $8.99 million into renewable energy start-up Redback Technologies, as part of its Series A-2 capital raising round.
The equity investment supports Redback’s innovative approach to the development and integration of innovative smart software and hardware technologies to optimise the generation, storage and management of solar energy for households and businesses.
The Innovation Fund — which uses finance from the Clean Energy Finance Corporation (CEFC) to invest in innovative clean energy companies and projects — has committed $6.42 million to Redback. Right Click Capital’s Growth Fund, which invests in early-stage, high-growth tech businesses in the Asia–Pacific region, has meanwhile invested $2.57 million, 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 six 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.
“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’s 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. The company’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.
Right Click Capital Partner Benjamin Chong said, “The inherent inefficiencies within the energy sector in Australia make 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.”
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.”