Solco to acquire 20% of Redback Technologies

Solco has entered into a heads of agreement (HoA) to acquire Redback Investments Australia (RBIA), which owns 20% of emerging energy storage business Redback Technologies (Redback).

The acquisition will allow Solco to enter the energy storage market and establish itself as an innovative provider of complete energy solutions. It is proposed that Solco will market, sell and distribute Redback’s range of energy storage products and services.

Headquartered at ilab at The University of Queensland, Redback is an energy storage and software solutions provider focused on the development of enabling technologies that allow consumers, utilities and NSPs to trade electricity. It provides purpose-built, low-cost and robust hardware and multidimensional software solutions, including:

• the multimode Redback Smart Hybrid Inverter with Backup;
• cloud-interfaced, PV-powered energy storage;
• Internet of Things (loT) integration and controls; and
• energy market smart grid services.

Under the HoA it is proposed that Solco will acquire a 100% interest in RBIA by the issue of ordinary shares in Solco, plus the payment of US$200,000. The acquisition is subject to successful completion of due diligence by Solco, expected to be finalised by the end of January 2016, and Solco shareholder approval by 1 March 2016.

“We are delighted to enter into this agreement to acquire a sizeable stake in the Redback business to secure our future at the forefront of energy storage development,” said Solco Chairman Brian Thomas. “Energy storage is a core part of our strategy moving forward and the Redback acquisition is the ideal opportunity for us to enter this emerging market.

“Our aim is to deliver a complete mix of clean-tech energy solutions for our customers and value for shareholders.”

“Redback welcomes Solco’s placement,” added Redback Technologies Managing Director Phil Livingston, “and we see such an investment as a strong validation of our technology as an emerging player within the new-energy sector. Redback’s continually expanding service offering, comprising aggressively priced hardware and highly connected software solutions, cumulatively lend significant benefit to our downstream partners. We look forward to working with Solco to improve downstream service offerings while changing the way businesses in Australia consume electricity.”