A German company will establish a battery production plant in Adelaide, creating 430 manufacturing and installation jobs.
Sonnen will produce 50,000 energy storage systems over the next five years with prices ranging from $7000 to $30,000.
It is yet to choose a site for its plant, with four under consideration, but Australian managing director Chris Parratt says it will only take about six to nine months before it can be up and running.
The company plans to sell its systems into the Australian market but also export, and will cover all the establishment costs with a policy not to accept government assistance.
"What we're doing is bringing cheap, affordable, clean energy to South Australia," Mr Parratt said.
"Here in South Australia, we're at the forefront of energy policy and renewable energy. Sonnen is a company that is also in this space."
Premier Jay Weatherill said Sonnen would also relocate its headquarters from Sydney to Adelaide.
"Jobs are our number one priority and it is Labor's leadership in renewable energy that is capturing the attention of companies like Sonnen, encouraging them to invest, grow and create jobs," Mr Weatherill said.
The premier said the batteries would be attractive to households that accessed Labor's promised no-interest loans to install solar or battery systems.
The Sonnen batteries use lithium-ion phosphate technology, with their products guaranteed for 10,000 cycles, equal to about 27 years.
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