Australian solar company Solco has signed an agreement to acquire a 20% stake in Redback Investments Australia which owns 20% of emerging energy storage business Redback Technologies.
“The acquisition allows Solco to enter the rapidly emerging energy storage market, and establish it as an innovative provider of complete energy solutions – a stated aim of the companys business plan. It is proposed that Solco will market, sell and distribute Redbacks range of energy storage products and services,” Solco said in a statement.
“The acquisition is consistent with Solcos business model to be a significant, independent clean tech energy retailer, focused on reducing customer utility costs and reliance on grid energy through the provision of clean technology opportunities.”