Redback and UQ sign solar deal

Energy storage start-up Redback Technologies has signed a memorandum of understanding (MOU) with The University of Queensland’s (UQ) commercialisation company UniQuest relating to future research collaborations in energy storage projects and shared facilities use.

The Queensland-based start-up launched its Redback Smart Hybrid System last year, which manages and stores solar energy, allowing users to either save it for their own personal use or sell it back to the grid.

The MOU will allow Redback access to UQ’s solar energy assets for testing and demonstration purposes. The agreement also allows for UniQuest to take an equity position with Redback in return for exclusive licences to UQ technologies developed under its research partnership agreement.

“The partnership with UQ will enable Redback to provide customised downstream software benefits to prospective clients including energy retailers, network service providers, telcos and solar installation companies, as a means of enabling the next-generation grid to take form,” said Redback’s founder and managing director, Philip Livingston.

The company joined UniQuest’s ilab initiative in May last year, which is an accelerator program that supports entrepreneurs with digital ideas to become early-stage, high-growth, investor-ready companies.

“Establishing ourselves at ilab has really helped us maintain an innovative start-up culture while accessing the research excellence with UQ. ilab is a fantastic initiative of the Queensland State Government and UQ and has been proven successful in fostering and attracting start-up innovation to Queensland,” said Livingstone.

The university said the deal is a good example of ilab being able to attract smart companies to Queensland, assist them to accelerate their growth and build a university connection, in order to tightly link research with commercial outcomes.

Redback has entered the market against other big companies in the solar energy storage space with Tesla announcing in December its Powerwall battery technology would be available in Australian and New Zealand homes from early 2016.