redback technologies solar energy system
Redback Technologies is the Brisbane-based startup company behind the app-based solar energy management system. YouTube/Redback Technologies

A Brisbane-based solar startup company has secured a multimillion funding from EnergyAustralia to develop its solar inverter system that helps households manage and store their solar energy consumption using a smartphone app.

Redback Technologies received a $9.3 million strategic investment from the private electricity generation and gas retailing company that is owned by Hong Kong-based and listed CLP Group.

With the money, Redback Technologies will further enhance its smart hybrid solar inverter system, which includes a smart solar inverter, battery enclosure and “intelligent” energy management software into one package.

“As energy markets become a bit more sophisticated and leveraged around IP-related solutions and the prevalence of big data, consumers will be given greater and greater choice with regards to how they consume energy,” said Philip Livingston, Redback Technologies founder and managing director.

Livingston said the partnership is grounded on the similar market views of Redback Technologies and EnergyAustralia.

“It was initially a discussion that surrounded the development of cross-collaboration in relation to grants and the like, but the conversation quickly turned into one of interest in Redback on a more intimate level, with them wanting to be more involved,” Livingston tells StartupSmart.

“We’re two ships sailing in the same direction, and it makes sense that we’d find common ground. It’s an exciting road now.”

Meanwhile, EnergyAustralia executive Andrew Perry said the company’s investment on Redback Technologies is on offer for innovative ideas in the renewable energy space.

“With a Redback system customers can manage their energy consumptions so they not only save money, but reduce their carbon emissions,” Perry said.

“We’re proud to be partnering with a company that’s driving Australian innovation in a way that’s good for customers and good for the environment.”

Under the strategic partnership, Redback Technologies will further enhance its solar inverter system while EnergyAustralia focuses on commercialising the technology.

In Australia, at least 20 percent of the total household count already installed solar panels on their homes.

WATCH: Redback Technologies infographic