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Administrators to Brisbane-based renewable energy technology company Redback Technologies are working towards a potential sale of the embattled business, which engineers and manufactures its own range of solar and battery storage solutions.
Anthony Connelly, Mark Holland and Jamie Harris, of McGrathNicol Restructuring, have been appointed voluntary administrators to Redback Technologies and its subsidiary Redback Operations.
While the circumstances surrounding the companies' decision to call in administrators have not been disclosed, the administrators say they are working with Redback's employees, customers and suppliers to maintain normal trading for the business.
In the meantime, they plan to call for expressions of interest for the sale or recapitalisation of all or part of the business.
Business News Australia has sought further comment from Redback Technologies CEO Dr Adrian Knack on the future of the company which was co-founded in 2015 by Phillip Livingston.
Knack was appointed CEO of Redback Technologies last year after joining the company in 2016 as director of hardware and more recently was the company’s chief technology officer.
Redback Technologies was initially based at the University of Queensland's start-up incubator iLab and calls its co-working space home. It also got a head-start after teaming up with Energy Australia in 2016 following a $9.3 million investment by the energy retailer to further develop Redback’s Generation 2 Smart Hybrid Solar Inverter System.
The inverter included Redback's cloud-enabled intelligent system for analytics and remote control, the Ouija Board, which used machine learning to gather intelligence regarding user preferences.
Redback's Smart Hybrid Solar Inverter’s energy management software today uses algorithms to provide energy from the most appropriate source, such as solar panels, a battery or imported from the grid.
Redback Technologies currently supplies a range of products in Australia and New Zealand including grid-tie solar inverters, AC coupled batteries and hybrid solar-battery systems.
All systems are connected to Redback’s real-time cloud monitoring platform which the company says is fundamental to achieving the best performance from its installed systems.
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