Dubai Startup Hub launches 3rd Dubai Smartpreneur Competition
In partnership with Smart Dubai, Dubai Startup Hub launched the 3rd Dubai Smartpreneur Competition.This year, the competition…
Solar tech startup Redback Technologies has raised US$7 million in capital from the Clean Energy Innovation Fund and Right Click Capital as part of its Series A-2 funding round.
Based in Brisbane, Redback offers an energy management system that uses machine learning to optimise the generation, storage and management of solar energy for households and businesses.
Founder and Managing Director, Philip Livingston, said the startup’s latest investment will enable it 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 6 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.
The government-backed Clean Energy Innovation Fund, which is jointly managed by the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA), contributed US$5 million (approximately A$6.42 million) to Redback. Meanwhile, Right Click Capital’s Growth Fund, which invests in early-stage, high-growth tech businesses in the Asia-Pacific region, invested US$2 million (approx. A$2.57 million) in Redback, and will also contribute its specialist experience to support the startup’s expansion throughout the Asia-Pacific region.
CEFC CEO Ian Learmonth said the investment in Redback was driven by a desire to see energy management systems and battery storage solutions become commonplace in Australia, not only to provide consumers with more control over their energy but to lower carbon.