Global law firm Norton Rose Fulbright has advised solar and storage technology company Redback Technologies on the sale of a stake to major energy company EnergyAustralia (which is owned by CLP).
The deal, valued at AU$9.3 million, will enable EnergyAustralia to offer customers access to the smart solar inverter with its cloud based software that enables smart energy usage. The investment will support Redback’s development and release of new products.
Redback is focused on the development of advanced, low-cost solar solutions for residential and commercial users. Its cloud-based system offers the ability to analyse and control energy generation and consumption in real time, affording consumers the ability to reduce energy costs. The technology makes rooftop solar and battery storage more economic and more attractive to new electricity customers.
Norton Rose Fulbright global head of energy Simon Currie commented:
“The energy industry is transforming before our eyes. 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.”
Norton Rose Fulbright corporate partner Shane Bilardi, who is experienced in assisting start-up technology companies, commented:
“While large corporates have a strong interest in the emerging disrupters 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.”
Redback’s founder and managing director Philip Livingston commented:
“This deal will allow us to significantly expand our business and focus on developing new technology through the addition of more employees. We are grateful for the hard work from Shane Bilardi, Amelia Clarke and the team at Norton Rose Fulbright in assisting in the completion of this transaction with EnergyAustralia.”
Norton Rose Fulbright drafted the share subscription and distribution agreements and were involved in negotiations with EnergyAustralia. Shane Bilardi led the deal and was assisted by senior associate Amelia Clarke.