RedEarth Energy Storage, an Australian owned manufacturer, announced today it has raised $4.75 million in Series A funding from the Queensland Government Business Development Fund and Australian institutional and family investors.
Based in Brisbane, RedEarth will use the funding to accelerate its manufacturing, sales and marketing efforts to meet Australia’s increasing demand for high quality, cost-saving energy storage (or “battery”) systems. The company aims to manufacture over $70 million worth of battery systems in the next four years, as well as open the doors to a new Queensland innovation and production facility in September.
Founded in 2013, RedEarth is one of Australia’s first owned and operated domestic producers of energy storage systems for residential, commercial and industrial use.
RedEarth Co-Founder and CEO Charles Walker said: “This funding marks the first step towards growing RedEarth into a sustainable and profitable Australian business in an emerging market that until now has been dominated by foreign companies with foreign products.”
“By 2050 it’s expected that solar and wind will supply almost half of the world’s electricity making the demand for energy storage systems greater than ever before. We are proud to be one of the first companies designing and manufacturing high-quality solar battery solutions right here in Australia.
“In the next year alone, it is estimated more than 70,000 Australian households will install batteries, as rooftop solar continues to boom and more families and businesses look way for ways to reduce their energy costs.
“Our versatile battery systems range in size from small shed power systems to large containerised systems, capable of powering an entire cattle station. We look forward to expanding their use across Australia in the coming months and becoming the number one choice for home and business energy storage in Australia.”
Walker and his Co-Founder, Chief Technology Officer, Chris Winter plan to make significant reinvestments in additional research and development as RedEarth grows, to ensure the company’s products remain at the forefront of Australia’s growing sustainable energy needs.
RedEarth will be on show at October’s All Energy Conference at the Melbourne Convention & Exhibition Centre on 23rd and 24th October.
For more information about RedEarth Energy Storage please visit our website.
Interviews with CEO of RedEarth Energy Storage, Charles Walker available on request.
High res images available on request.