Local start up Reposit Power has developed game-changing technology that will be integrated into electricity giant Tesla’s new residential battery storage unit.
Proving that Canberra is a forward thinking city; rich in innovation and entrepreneurial flair, Reposit Power was started in 2012 by Dr Lachlan Blackhall and Dean Spaccavento. From the outset, Reposit Power has been a small tech company with seriously big ideas.
Dean Spaccavento, co-founder and Director, said there’s no doubt that the Tesla deal is a watershed moment for the company; the relationship having blossomed over multiple coffees (and the odd doughnut) at Chifley’s ‘A Bite to Eat’.
“It was only a few days before the Tesla launch in LA that we really understood the magnitude of the announcement. I suddenly thought ‘wow, this is a really big deal!’” Spaccavento said.
Tesla, famous as the pioneer of electric cars, is also an energy innovation company with a mission of enabling zero emission power generation. Its new energy line includes a suite of batteries for homes and businesses that operate while fostering a clean energy ecosystem, helping to wean the world off fossil fuels and overcoming the problem of solar battery storage issues.
And Reposit Power’s contribution?
Its ingenious ‘GridCredits’ technology, which decides on behalf of households throughout the day whether to store energy in a battery or sell it back to the grid at a profit. This enables households to take control of their energy bills and directly participate in energy markets as a buyer and seller of electricity. Reposit Power has also developed an app which enables users to see real-time energy consumption and solar generation.
Spaccavento said that “the goal of putting control of energy storage in to the hands of the electricity consumers in a financially sustainable way is what drives us.”
While the eureka moment for the GridCredits technology took place in a dark office on Sydney’s Pitt Street, Spaccavento says the company’s decision to base themselves in Canberra was an easy one.
“I lived in Canberra from 2003 to 2005, and gained enormous insight in to the world of start-ups in that time,” Spaccavento said. “It’s such a supportive place; a clean slate, without hype and a local government that is vocal in its backing of ‘green’ energy solutions. It is the perfect home for a start-up – I love it!”
Tesla Home Storage, coupled with Reposit Power’s software technology, will hit the Australian market later this year.