Brisbane solar battery startup Redback Technologies has handed its books to voluntary administrators.
McGrathNicol were appointed administrators of Redback Operations Pty. Ltd on March 5, as the company was in Sydney exhibiting at the Smart Energy Expo.
Redback continues to trade as the administrators seek expressions of interest for the sale or recapitalisation of all or part of the business. A first creditor’s meeting will be held in Brisbane on March 15.
The administrators have been contacted for comment on the reasons for the move. The company, founded in 2015, has made no public announcement about its financial woes.
Redback built Australia’s first all-in-one hybrid system to the market, initially launching in 2016. Energy Australia made a $9.3 million strategic investment that year.
The energy tech startup went on to launch a smart battery and smart inverter in 2021, then Internet of Things (IoT) monitors. More than 90,000 state-of-the-art data and analysis communications devices have been installed nationally in partnership with sister brand Luceo.