Making the best use of stored solar power
BRISBANE-BASED renewable energy start-up Redback Technologies has picked up $9 million in funding which will boost its workforce and expand its research and development into solar energy storage.
Redback Technologies founder and managing director Philip Livingston said the investment would allow Redback to employ 30 fulltime staff and expand its R&D capabilities.
The company develops software and hardware that helps households store and manage solar energy more efficiently.
The start-up’s system uses machine learning to predict solar generation and customer usage to help households make better decisions and cut electricity bills.
The bulk of the new capital is coming from the federal government’s Clean Energy Innovation Fund with venture capital firm Right Click Capital also making an equity investment.
The innovation fund, which uses finance from the Clean Energy Finance Corporation (CEFC), is putting about $6.4 million into Redback.
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