Redback Technologies, an Australia-based solar energy system startup backed by energy utility EnergyAustralia, received $7m in funding yesterday, $5m of which came from the Australian government’s Clean Energy Innovation Fund.
The remaining $2m was supplied by venture capital firm Right Click Capital’s growth fund. EnergyAustralia had invested A$9.3m ($7.1m at contemporary exchange rates) in Redback in October 2016.
Founded in 2015, Redback designs and produces solar power systems that incorporate its proprietary cloud software as well as inverters that can be upgraded as new technology becomes available.
The funding will support the hiring of 30 employees in the next six months, as well as the strengthening of Redback’s software and its research and development activities.
Philip Livingston, founder and managing director of Redback Technologies, said: “Redback is committed to innovation with a large proportion of our staff working in the development of smart energy solutions.
“This investment will see us expand our expertise in data science, software development and engineering, electrical engineering and general business support.”