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Brisbane-based renewable energy group Redback Technologies is "here to stay" according to CEO Dr Adrian Knack, after the company emerged from administration with a new owner under a recapitalisation plan agreed to by creditors.
Australia Ebon Group, a low-profile fintech based in Sydney, is the new owner of Redback Technologies after winning over creditors with a deed of company arrangement (DOCA) at their second meeting on 1 May.
Australia Ebon, which is said to provide “a comprehensive suite of financial services including cross-border payments, foreign exchange, and blockchain solutions", is a newcomer to Redback Technologies and is understood to have been keen to expand its renewable energy portfolio through the rescue proposal.
Redback Technologies, which engineers and manufactures its own range of solar and battery storage solutions, got its kickstart to commercial growth in 2016 when it teamed up with Energy Australia following a $9.3 million investment by the energy retailer to further develop Redback’s Generation 2 Smart Hybrid Solar Inverter System.
But Anthony Connelly, Mark Holland and Jamie Harris, of McGrathNicol Restructuring, were appointed voluntary administrators to Redback Operations and Redback Technologies Holdings on 8 March this year after the company depleted its cash reserves following several years of accumulated losses.
Knack says that under new ownership, he is “thrilled to say that the Redback Group is here to stay”.
“The partnership with Australia Ebon Group will enable Redback to continue to deliver quality products to our customers and explore opportunities to grow our service offerings in the future,” says Knack.
“Throughout our journey, the support and dedication of every member of the Redback Group’s team, our partners, installers, and customers have been truly inspiring.”
Australia Ebon Group is said to have developed a forward-looking strategy for Redback, building on the fintech’s previous investments in cloud technology and in-house developed trading platforms.
“Leveraging its robust financial strength and expertise in cloud technology, the company is looking to make sustainable investments in the Redback business,” says Redback Technologies in a statement.
“These investments will not only ensure the continued operation of Redback, but also support its research and development effort to enable new products and solutions.”
Knack adds that McGrathNicol Restructuring has provided the group “invaluable guidance” during the restructuring phase.
“Our commitment to providing high-quality Australian-engineered solutions remains unwavering, and we are proud to continue our operations under new investment,” he says.
“We are excited to officially release our next generation hybrid battery system later this year, further solidifying our position as innovators in the renewable energy landscape."
Redback Technologies says its existing warranty policies are unaffected by the new ownership and that the group’s local tech support and warranty teams will continue to support installers with Redback’s systems.
Redback Technologies supplies a range of products in Australia and New Zealand including grid-tie solar inverters, AC coupled batteries and hybrid solar-battery systems.
The company’s energy management software uses algorithms to provide energy from the most appropriate source, such as solar panels, a battery or imported from the grid.
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