The Clean Energy Innovation Fund – which uses finance from the CEFC to invest in innovative clean energy companies and projects – committed US$5 million (approximately AU$6.5 million) to Redback. The Innovation Fund’s equity commitment is part of Redback’s US$7 million Series A-2 capital raising round, which has also secured a US$2 million investment from RightClick Capital.
Redback’s system uses machine learning to predict solar generation and customer usage. It then makes intelligent decisions to optimise energy usage, driving down energy costs for end users and reducing fossil fuel reliance. Redback’s software also enables systems to be aggregated to form a virtual power plant, to provide grid services and support increased integration of renewables into the grid. The investment will allow Redback to expand its R&D capabilities, accelerate development of its smart software suite and strengthen its technical and professional workforce.