The Gold Coast Bulletin

Making the best use of stored solar power

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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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