Brisbane-based energy storage company Redback Technologies has signed a Memorandum of Understanding with the University of Queensland in order to accelerate the global commercialisation of its solar storage technology.
The MOU is with UQ’s commercialisation company UniQuest and involves taking an equity position with Redback in return for exclusive licences to UQ technologies developed under a research partnership agreement.
Redback Technologies was established in 2015 and developed a “Smart Hybrid System” to manage and store energy.
The partnership agreement will see joint projects expanded and the rapid commercialisation of UQ’s energy storage research insights from various disciplines across the university, including engineering, science, computer science and economics.
Under the agreement, Redback will be able to access UQ’s solar energy assets for testing and demonstration purposes.
Redback founder and managing director Philip Livingston said the company’s decision to locate itself in Queensland had proved highly successful.
“Establishing ourselves at [UQ’s high-tech start-up incubator] ilab has really helped us maintain an innovative start-up culture while accessing the research excellence with UQ,” he said. “ilab is a fantastic initiative [of] the Queensland state government and UQ, and has been proven successful in fostering and attracting start-up innovation to Queensland.”
“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 installation companies, as a means of enabling the next generation grid to take form.”
UniQuest chief executive Dr Dean Moss said the partnership highlighted UQ’s flexibility and readiness to engage with industry.
“This is a real partnership demonstrating UQ’s commitment to support the entrepreneurial SMEs that are shaping the world’s future,” Dr Moss said.
Director of UQ Solar at the Global Change Institute Professor Paul Meredith said: “UQ has a rich history of cutting edge renewable energy research, particularly in the systems integration space. Through this partnership, we are excited to combine our 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 our state.”