Redflow has welcomed the entry of US electric car maker Tesla to the large-scale battery market, after investors poured an additional $16.1 million into the zinc-bromide module (ZBM) maker.
The startup raised approximately $9.7million, along with a $6.4 million entitlement offer. The entitlement offer allowed existing shareholders to purchase one new share for every seven they already owned.
Redflow chief executive Stuart Smith told StartupSmart the capital raising, which closed in late April, was a complete success.
“In fact, [the entitlement offer] was over-subscribed – $16 million in total was raised. There were two major existing shareholders in Simon Hackett, and Wotif founder Graeme Wood,” Smith says.
Hackett, whose other investments include BlueChilli, Oakdale, EV Race Systems, UltraServe, AvSoft. and Spookfish, first invested $2.2 million in Redflow in May of last year, and has become the company’s non-executive director.
The company also has a number ongoing trials underway across a range of sectors, including with utilities and telecommunications companies. Smith says the majority of the funds will be used to fund prototype systems for field trials and fast-tracking sales…. read more via startupsmart.com.au