Brisbane-based Redback Technologies has entered voluntary administration and is now actively seeking new investment.
McGrathNicol Restructuring has been appointed as voluntary administrator of Redback Operations Pty. Ltd., with McGrathNicol confirming that partners Anthony Connelly, Mark Holland and Jamie Harris were appointed on March 5.
The administrators said they are working with Redback Operations’ employees, customers and suppliers while they “call for expressions of interest for the sale or recapitalisation of all or part of the business.”
Redback Technologies was exhibiting in Sydney’s Smart Energy Expo this week. It has a range of new products expected to hit the market in the next eight to 12 months, including its next-generation hybrid battery system, for which commercial shipments are slated for June.
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The company was also previewing its latest hybrid three-phase inverter, which it hopes to launch late this year or early next year.
“We firmly believe there is a place in the market for Australian-engineered products,” Aaron Moreton, the company’s head of sales and partnerships, told pv magazine Australia.
Redback Technologies exclusively distributes through electrical wholesalers, meaning warranties on its products will be honoured should it fail to secure adequate investment. Its distributors include Greentech, Krannich, Rexel, Solar Plus Solutions (SPS), and Middy’s Electrical.
Pylontech, which supplied the battery technology used in its latest hybrid battery product, will also honor warranties.
Redback’s installer and distribution channels have been alerted.
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