CLEAN energy tech retailer Solco is acquiring 20 percent of an emerging energy storage company called Redback Technologies.
Redback is an Australian-based company which is developing technologies to allow consumers, utilities and NSPs to trade electricity, using its purpose-built, low cost and robust Smart Hybrid Inverter with Backup hardware, Cloud-interfaced photovoltaic powered energy storage solution, as well as various software solutions.
The company is partnered with Microsoft and the University of Queensland, with its operations based at the University of Queensland’s iLab incubator located on their Indooroopilly campus.
Solco is taking the stake in Redback by acquiring Redback Investments Australia, which has a 20 percent stake in Redback Technologies.
According to Solco, the acquisition will allow it to enter the rapidly emerging energy storage market, and become an innovative provider of complete energy solutions.
The electricity sector is undergoing transformational change. Over one million Australian consumers and businesses have adopted solar photovoltaic technologies to reduce exposure to rising energy costs. Increasing generation and distribution costs, plus the lowering costs of photovoltaic systems means a changing relationship between consumer, utility nad the grid.
Solco says Redback is poised to take advantage of the expected future growth in demand for energy storage, by acting as a technology enabler for utilities, finance companies and solar installation companies to own and operate distributed photovoltaic powered energy storage assets.