Brisbane-based battery business Redback Technologies has entered voluntary administration, with administrator McGrathNicol Restructuring seeking new investors.
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McGrathNicol has confirmed it is calling for expressions of interest for the sale or recapitalisation of all or part of the business.
Redback Technologies launched in 2015 offering renewable solar and battery storage solutions.
Two of the company’s notable milestones include introducing the first all-in-one hybrid system to the market, and being the first inverter manufacturer in the world to be certified for Queensland’s Dynamic Exports.
Additionally, over 90,000 state-of-the-art data and analysis communications devices have been installed Australia-wide in partnership with its sister brand Luceo.
Redback Technologies is on the cusp of launching new products to the market, including its next-generation hybrid battery system, which is reportedly scheduled for commercial release in June.
The company is also scheduled to launch its latest hybrid three-phase inverter late this year or early next year.
Redback Technologies has exclusive distribution deals locked in with electrical wholesalers Greentech, Krannich, Rexel, Solar Plus Solutions, and Middy’s Electrical.
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Redback’s installer and distribution channels have been alerted. A first creditor’s meeting will be held on March 15.
