Solar battery startup Redback's back from the brink with new owners

Brisbane solar battery startup Redback Technologies is out of voluntary administration after two months with new owners in charge.

Fintech Australia Ebon has put an initial $500,000 into the business after creditors approved a deed of company arrangement (DOCA) earlier this month to allow Redback, founded in 2015, to trade its way back to profitability, having racked up around $7 million in losses over the last three years. The full size of the Australia Ebon acquisition has not been revealed.

Redback built Australia’s first all-in-one hybrid system, initially launching in 2016. It was placed in administration in early March.

State government-owned Energy Queensland Ltd (EQL) invested nearly $2 million in the startup, along with more than $7 million from the federal government’s Clean Energy Finance Corporation. Energy Australia also made a $9.3 million strategic investment. More than 90,000 data and analysis communications devices have been installed nationally in partnership with sister brand Luceo.

The company said its new ownership will allow it to continue creating renewable energy solutions and all Redback warranty policies remain intact and unaffected by this change.

CEO Dr Adrian Knack said Redback “is here to stay”.

“The partnership with Australia Ebon Group will enable Redback to continue to deliver quality products to our customers and explore opportunities to grow our service offerings in the future,” he said.

“Throughout our journey, the support and dedication of every member of the Redback Technologies team, our partners, installers, and customers have been truly inspiring. “

The deal bodes well for another Queensland renewables company, EV charger manufacturer Tritium, currently in receivership under McGrathNicol Restructuring, which also handled the Redback deal.

The receiver is currently talking to potential buyers, with McGrathNicol partner Kathy Sozou said Tritium has been successfully stabilised and is continuing operations on a business-as-usual basis.

Meanwhile, Knack said Redback will continue operations with its new investment.

“Our commitment to providing high-quality Australian-engineered solutions remains unwavering,” he said.

“We are excited to officially release our next-generation hybrid battery system in the future.”

Australia Ebon offers financial services including cross-border payments, foreign exchange, and blockchain solutions. The founder, chair and CEO of Chinese firm Ebang International, which launched the Ebonex crypto exchange in Australia, Dong Hu, is an executive director of Australia Ebon and several Ebon companies.