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…