Proceeds will help pay out existing investors including convertible noteholders and to fund growth capital.
RedEarth Energy raised at a $100 million-odd valuation late last year, and is understood to be expecting 66 per cent revenue growth in the 2023 financial year to hit $20 million revenue.
The business was founded in 2013 by Charlie Walker and Chris Winter and sells an integrated battery storage system that has three parts: solar panels , a battery storage system, and software that can trade surplus energy.It charges customers for battery storage units and then on an ongoing basis for the software. Initial customers were residential users, but RedEarth has expanded to commercial and industrial users and is trialling peer-to-peer trading on its software.
The business could be compared to the NASDAQ-listed Enphase Energy which has a $US24 billion market capitalisation, sources said. Shareholders include Perennial Value, Alex Waislitz’s Thorney, Ord Minnett’s Private Opportunities Fund, Queensland government’s
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