Redback Technologies, an Australian cloud-based alternative energy company, has sold off a stake to major energy provider EnergyAustralia, which is owned by CLP.
The deal, valued at A$9.3 million (US$6.9 million), will enable Energy-Australia to offer customers access to Redback’s smart solar inverter with its cloud-based software that enables smart energy usage. The investment will support Redback’s development and release of new products.
Redback is focused on the development of advanced, low-cost solar solutions for residential and commercial users. Its cloud-based system offers the ability to analyze and control energy generation and consumption in real time, affording consumers the ability to reduce energy costs. The technology makes rooftop solar and battery storage more economic and more attractive to new electricity customers.
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