A Brisbane start-up has been given a $4 million investment from the Queensland government to develop a tool that is set to slash power bills and create jobs in the renewable energy sector in Queensland.

Innovation Minister Kate Jones said the government was committed to investing into the job-boosting project run by Redback Technologies and its partners Springfield Land Corporation, Microsoft, Energy Queensland and the University of Queensland.

“Redback Technologies is at the forefront of moves to make battery storage technology more affordable, with a system that will enable a reduction in energy costs for consumers and help to pump renewable energy into the grid,” Jones said adding the $4 million Advance Queensland Platform Technology Program grant will lead to the development of a smart energy monitoring platform that will give customers the ability to instantly analyse and control energy consumption.”

“This technology helps people intelligently manage their power usage and cut their bills by identifying power-hungry devices and systems in their homes and businesses.

Minister for State Development Cameron Dick said Redback Technologies was one of eight companies investing over $200 million and generating more than 500 new jobs in Queensland through the $60 million Advance Queensland Industry Attraction Fund (AQIAF).

“Redback will employ up to a further 109 technical and professional staff at its University of Queensland St Lucia laboratory, adding to its existing workforce and through expanding its existing facility, which would see more jobs and opportunities trickle down through the local economy,” Dick said.

“The company has the potential to shape the renewable energy market in Queensland and Australia through new technologies that align with the Queensland Government’s renewable energy targets.

“This operation will put Queensland further in the lead for energy research and development, building on our growing hub of research facilities and driving innovative solutions to market.”

Redback managing director Philip Livingston said the smart power monitoring platform would enable home owners and businesses to understand and control their energy usage and will help networks to more efficiently manage the grid, allowing for increased penetration of renewables.

“The support of the Queensland government will enable Redback and our partners to create a platform ecosystem, using big data to drive better outcomes for energy users and energy businesses,” Livingston said.

“This technology will benefit industries beyond energy.”