This little Australian startup has landed an agreement with Tesla to support its new home batteries

Dr Lachlan Blackhall and Reposit director Dean Spaccavento.

Little-known Australian startup Reposit Power has developed technology which will be integrated with Tesla’s residential battery storage unit, announced by the company’s CEO Elon Musk last week.

“We are excited to be working with Tesla, the pioneer of electric cars, who today announced they will be producing batteries for homes,” Reposit director Dean Spaccavento said.

Spaccavento was at the “Tesla Energy” launch in LA this week where Musk unveiled its battery storage offerings including a “Powerwall” home battery system which will be available in Australia next year.

The company explained its “Tesla Energy” line includes “a suite of batteries for homes, businesses, and utilities fostering a clean energy ecosystem and helping wean the world off fossil fuels.”

“Tesla is not just an automotive company, it’s an energy innovation company. Tesla Energy is a critical step in this mission to enable zero emission power generation,” the company said in a statement.

Musk explained how the Powerwall will overcome the problem of solar battery storage issues.

“We have this handy fusion reactor in the sky, called the Sun,” he said, adding improving batteries was one way to put solar power to work.

Reposit’s technology 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, enabling households to take control of their energy bills and directly participate in energy markets as a buyer and seller of electricity.

“The grid has price spikes which can go as high as $13 per kWh (or 200 times a normal feed-in tariff),” Spaccavento said. “Reposit’s technology allows Australian households to trade in these markets, which until now have been the sole domain of big business.”

Founded in 2012 out of Canberra, Reposit launched a pilot of its GridCredits tech late last year and have designed it to predict when solar power generation might be low and charge batteries overnight when energy from the grid is cheap.

“The idea is to buy from the grid when prices are lowest, consume as much of your own solar as possible, and occasionally sell to the markets when prices spike. This will reduce or get rid of your power bills,” Spaccavento said.

The company has also developed an app which enables users to see real-time energy consumption and solar generation.

GridCredits supports any type of solar system and a range of storage solutions which will soon include Tesla Home Storage.

Tesla Home Storage coupled with Reposit’s software technology will be on the market late 2015.

NOW READ: Elon Musk just revealed ‘Tesla Energy’

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.