Energy storage provider Redback Technologies has partnered with the University of Queensland (UQ), in a deal that is expected to accelerate the global commercialisation of Redback’s energy storage technology.
Redback is a product of UQ and the Queensland Government’s ilab initiative – a business incubator that supports early stage, high-tech companies through their first few years of development.
Building on this, the energy storage provider recently signed a memorandum of understanding (MOU) with UQ, meaning the university receives equity in exchange for exclusive licences of all technologies developed within each Redback-related research program.
The partnership will enable Redback to access the university’s solar assets for testing and demonstration purposes; the expansion of joint projects; and the rapid commercialisation of the university’s energy storage insights across engineering, science, computer science and economics disciplines.
Redback founder and Managing Director Phillip Livingstone said the company’s decision to locate itself in Queensland has proven highly successful.
“Establishing ourselves at ilab has really helped us maintain an innovative start-up culture while accessing the research excellence at UQ. ilab is a fantastic initiative of the Queensland State Government and UQ and has proven successful in fostering and attracting start-up innovation to Queensland.”
Mr Livingstone said the partnership with UQ will enable Redback to provide customised downstream software benefits to prospective clients – including energy retailers, network service providers, telcos and solar installers – as a means of enabling the next generation grid to take form.
Professor Paul Meredith, Director UQ Solar at Global Change Institute said he was excited to combine the university’s multi-disciplinary research capacity with Redback’s energy storage innovations and entrepreneurial drive.
“We see this as a path to accelerating the impact of our research upon the world, and for driving innovation in the state,” Dr Meredith said.