Morgans: Kick Starting Sales

Screen Shot 2015-06-24 at 9.26.23 amRFX’s ZBM is commercial in key applications. While trials are going well, conversion to revenue is slower than expected, which prompted the recent A$16.1m capital raising. In the last 12 months RFX has reduced its selling price by 36% to US$44cents per kilowatt hour and we believe it’s well placed to slide down the cost curve at a faster pace than competitors (including the well promoted Tesla Powerwall). If the ZBM follows the ~20% pa cost reduction that solar experienced, then we believe it has the potential, within a couple of years, to be one of the most economically compelling energy storage products in the market.

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Morgans: Recharging the Bank Balance

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Over the last 18 months the revised RFX Board have: 1) improved their battery (it’s now commercial ready); 2) signed up three major System Integrator partners (system developers and distribution channels); 3) completed stage 1 of scalable manufacturing with stage 2 to be completed by December ; and 4) replenished the bank balance (the Board expects RFX to be cash flow positive at the end of CY15). We expect SI’s to test the outsourced product over 3-18 months and gradually begin increasing volumes …

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Morgans: Putting Runs on the Board

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RFX’s cash position looks sound for the next 12 months following management’s hard work in lowering operating costs. The next commercialisation step is to secure demonstration sites with multinational System Integrators and/or a strategic partner with expertise and capital. We believe this will happen but timing is difficult to predict.

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