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Solar deal brings smart energy to market
Customers will have access to a new rooftop solar inverter that leverages cloud-based software for smart energy use, thanks to a new investment by EnergyAustralia.
Melissa Coade
Firms: Norton Rose Fulbright (Redback Technologies Ltd); Ashurst (EnergyAustralia)
Value: $9.3 million
Area: M&A, energy, finance
Key players: The NRF team advising Redback was led by partner Shane Bilardi. Senior associate Amelia Clarke assisted with the deal.
Deal significance:
Energy Australia has paid $9.3 million for a stake in solar and storage technology company Redback. The investment will support Redback’s development and release of new products that allow consumers to control their energy consumption and reduce costs.
Redback’s cloud-based technology system can analyse and control energy generation and consumption in real time, affording consumers the ability to reduce their energy costs. The company believes its technology offers a more economical rooftop solar and battery storage solution for electricity customers.
With the new $9.3 million investment, EnergyAustralia also plans to bring a smart solar inverter to market.
NRF advised Redback on the deal, drafted the share subscription and distribution agreements and was involved in negotiations with EnergyAustralia.
According to NRF corporate partner Shane Bilardi, the two companies were able to bridge a “cultural divide” to see the transaction through.
“While large corporates have a strong interest in the emerging disruptors in their industry, the cultural differences can often make transactions between the two difficult to complete.
“It was exciting to see how well Redback and EnergyAustralia bridged that divide, Redback embracing the process to become investment-ready and EnergyAustralia being flexible enough to accommodate a dynamic technology company. I think that bodes well for the future of their partnership,” Mr Bilardi said.
NRF global head of energy Simon Currie said the future of Australia’s energy industry is critical. The country must seize opportunities to exploit its solar energy resources, he added.
“Australia is well positioned to reap the benefit of its abundant solar resources, but must do so in a way which preserves and enhances the reliability of the system as a whole.
“Redback is one of a number of Australian companies developing solutions to meet these challenges and we are excited to be helping them to develop their business and lead us to a low-carbon and sustainable future,” Mr Currie said.
