Redback Solar raise $7m in capital for R&D

Redback Solar news – Brisbane based solar tech startup Redback Technologies has raised $7m in capital from the Clean Energy Innovation Fund. The company will use the investment to expand its R&D, improve its ‘smart software suite’ and hire more staff.

Redback Solar’s Capital Raising

Dynamic Business are reporting that the Clean Energy Innovation Fund (a partnership between the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA)) has invested $5 million USD (approximately $6.43 million AUD) into Redback Technologies.

Around the same time, Right Click Capital’s Growth Fund has invested $2m USD (~$2.57 million AUD) into Redback along with offering their specialised experience to assist in Redback’s planned expansion into the Asia-Pacific region. The Right Click Capital Growth Fund, as per their website, have ‘deep experience starting and scaling technology businesses’ and are looking to back ‘ambitious technology businesses’ so it looks like a perfect fit. 

Right Click Capital Partner Benjamin Chong spoke a little about why they chose to invest in Redback, advising that “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.”

Founder and MD of Redback Technologies, Richard Livingston, was excited about the investment and spoke about the impact it would have on stimulating Redback Technology’s products, software, and expansion. “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 was quoted as saying.

Redback Solar – 2017 Movements

Redback Technologies launched the Redback Smart Hybrid System with EnergyAustralia early last month – with a ‘normal household’ with usage of 8000kWh / year to save around $1,500 a year with the system (4.9kW solar array and 3.3kWh battery). They received $9.3 million from EnergyAustralia last year for this – seeing Redback’s Generation 2 Smart Hybrid System offered to EnergyAustralia’s 1.7 million customers in Victoria, NSW, QLD, the ACT, and South Australia. 

Redback Solar - Capital Raising 2017
The Redback Solar team at a trade show in 2017 (source: Redback Technologies Facebook)

It’s obvious that Redback have a fantastic team and product – they’re growing rapidly and multiple teams have invested in them – we’re excited to see where these Brisbane locals end up! 

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Relectrify: Recycled EV batteries for home storage.

Melbourne-based startup Relectrify has been given $750,000 AUD from the federal government’s Clean Energy Innovation Fund to continue its work in developing a program to recycle electric vehicle batteries for installation as household energy storage. Another great step forward for energy storage technology

Relectrify and EV battery lifespan

Relectrify Powertrak
The Powertrak by Relectrify (source:

Relectrify was founded by Valentin Muenzel and Daniel Crowley in 2015 via the Melbourne Accelerator program at the University of Melbourne. Muenzel and Crowley realised that electric vehicle batteries unable to provide the range or power required for EVs would still be useful in other applications. On average, most batteries at this stage were, while unsuitable for EVs, still retaining up to 80% capacity and still had at least 2,000 full (charge/discharge) cycles remaining. 

They’re also working with partners to create a flagship deep-cycle 12V battery known as the Powertrak, which is a 100Ah capacity upcycled automotive quality lithium phosphate battery with a 3-year warranty – click here to view the website or order a Powertrak. 

“Batteries are becoming a fundamental building block of the new energy industry and seeing significant uptake across households, businesses and the power grid,” Muenzel said to the Herald Sun. “And this is just the beginning. There is an immense need for affordable and capable storage across almost all parts of our lives now and in the future.”

They created technology that allows batteries to be repurposed, so nonfunctional cells (each battery contains hundreds of individual cells) no longer result in the battery being deemed unusable. Rectify’s energy storage repurposing technology is low cost, boosts performance, and increases the longevity of the storage. You can click here to visit their homepage and learn more about the tech and their plans for the future. 

Relectrify and the future

Although the market penetration of electric cars is currently only 0.2%, it’s projected to rise to 25% by 2035. 

The Herald Sun is reporting that industry experts predict the batteries could be capable of storing around 15 gigawatt hours by 2035. This represents enough stored energy to power South Australia’s current summer peak demand for five hours.

Click play on the video below to watch a video about Relectrify and its role in providing a ‘second life’ for electric vehicle batteries!

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