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 reports. Read more at SmartCompany
Australian battery technology provider Redflow has welcomed Tesla’s entry to the advanced energy storage sector, saying the move has raised the public profile of affordable energy storage as a disruptive technology that enables renewable generation sources to reduce reliance on fossil fuels, increase distributed generation and deliver energy independence reports ITWire
Australian battery storage developer Redflow says it welcomes the public profile created by the release of the Tesla battery storage products from Tesla, and insists that its technology will be able to compete in what will be a rapidly expanding market. Read more at RenewEconomy
Redflow (ASX:RFX) has received strong shareholder support in raising $7 million in an oversubscribed pro-rata non-renounceable entitlement offer. The company accepted some oversubscriptions as the initial plan was to raise $6.4 million. The raising was priced at $0.20 and also comprised a A$9.7 million placement, for a total raise of around $16.7 million. Shares last traded a $0.23, a premium to the offer. Redlow produces a unique modular zinc-bromide flow battery which provides cost effective, safe energy utilisation and storage.. Read more at Proactive Investors
This document outlines information about the Redflow ZBM battery and how it works. Download here
Technology entrepreneur Simon Hackett today reveals plans to enhance Base64, his $7 million renovated office complex built around an historic Adelaide mansion, by installing Australian-developed energy storage and management systems. The core of the system will contain high energy density zinc-bromide flow batteries supplied by pioneering Brisbane-based energy storage company Redflow. Base64 has ordered a RedFlow LSB (Large Scale Battery) unit, a six-metre shipping container-style storage system that uses 60 RedFlow “ZBM3” 11-kilowatt hour (kWh) flow batteries to achieve a total storage capacity of 660 kWh. Read more at Impress Media
Australian battery technology developer Redflow says it has made the first Australian sale of its commercial large scale energy storage system, albeit to its own company director Simon Hackett, the tech guru who will install it in a renovated office complex in Adelaide as part of longer term plans to take the office off-grid. Read More (via RenewEconomy)
Redflow Limited (ASX: RFX) is pleased to advise that the Australian Commissioner of Patents has granted Australian standard patent number 2008232296 for a “Cell Stack for a Flowing Electrolyte Battery” to Redflow. The patent grants a 20 year monopoly to RedFlow including the rights to prevent competitors from making, using and selling flowing electrolyte batteries having a new and inventive battery cell stack architecture in Australia. This patent is also being registered in a significant number of other countries. Redflow’s patented cell stack architecture enables improved robustness and efficiency, and reduced size and weight of flowing electrolyte batteries. Click here to download the report.
Redflow Limited, a leading Australian energy storage company, today launched its $17.5 million Initial Public Offering (IPO) ahead of an Australian Securities Exchange listing.
RedFlow is at the forefront of ‘game changing’ electricity storage technology, which stores conventional or solar electricity for release during periods of peak demand, with the aim of reducing distribution costs and helping to ease pressure on retail electricity price rises.
RBS Morgans, a leading Australian stockbroker, is lead managing and fully underwriting the share offering.
The application price of the IPO is $1 per share. The proceeds will go directly towards expanding production and sales of Redflow’s packaged energy storage systems that are based around its proprietary zinc-bromine battery modules (ZBMs).
RedFlow CEO Phil Hutchings said the IPO Prospectus clearly demonstrated the company’s growth plans, its expanded range of business relationships with leading companies and independent reports on both Redflow’s ZBM and market opportunities.
“We are particularly pleased to highlight our recent agreement with Jabil Circuit, Inc. for much larger scale production of ZBMs and our associated power electronics. This will allow us to meet customer demand and assist in reducing our unit costs while maintaining high quality,” Mr Hutchings said.
“Since the business was founded in 2005, we’ve moved steadily forward with our products which are now of a commercial standard,” he said. “Our electricity storage systems are currently in demonstration use with power utilities in Australia and New Zealand and will soon be in several other countries. We will use the funds from the IPO to boost our manufacturing and ongoing product development program.”
The demand for global energy storage is growing due to increasing costs of electricity distribution – electricity grids are ageing and suitable technology has not previously been available to time-shift demand or supply in locations close to
The global energy storage market for grid connected applications by electricity utilities and for off-grid applications for use in rural locations is expected to grow rapidly over the next decade.
In response, RedFlow has doubled its staff over the past 18 months. It currently employs 49 people in Australia, including 15 degree-qualified engineers, and has representation in the USA. Its foundation customers include EnergyAustralia and Ergon Energy.
Mr Hutchings also said that Redflow’s Phase Two ZBM factory, opened by the Queensland Treasurer on 10th August, has recently moved to working two 10 hour daily shifts to meet ZBM demand.
“The proceeds from the IPO will allow us to commit to the much larger Phase Three ZBM factory for opening in mid-2011,” Mr Hutchings said. “RedFlow is also leasing additional factory space for an expanded systems assembly facility.”
The IPO Prospectus can be downloaded from the company’s website at www.redflow-2015-sayhitovincent-1.c9.io.au. The offer of shares will be made in the Prospectus. The Prospectus should be considered in full if investors are deciding whether to acquire shares in RedFlow. RedFlow will only accept applications for shares that are made on the application form accompanying the printed Prospectus.
The IPO Offer is scheduled to close on 29th November 2010 and this date may be varied or brought forward.
Redflow is applying for listing on the ASX and has reserved the stock code RFX.
Click here to download the report.
Click here to download the report.