Redflow CEO and Managing Director Tim Harris provides an update on how the business is performing, in a video released after today’s 4C quarterly cash flow report.
Mr Harris said Redflow had made further progress executing on its growth strategy during Q2. “Revenue for the quarter was steady, which means that revenue for just the first half of FY20 will exceed the total revenue generated by our business in FY19,” he said.
“I am also very happy to announce that we received our R&D tax rebate of over $2m which is a 15% increase over the previous year. Q2 was also the quarter where we were able to name two key strategic end customers, the Rural Connectivity Group (RCG) in New Zealand and Vodacom in South Africa. Both have begun deploying our batteries.”
Other highlights from the past quarter include:
- Attractive growth opportunities for Redflow batteries in South Africa and sub-Saharan Africa due to increasingly severe power outages in South Africa and frequent theft or vandalism of lead-acid batteries
- Delivery of Redflow’s unique, compelling solution for the telco market, based on its long duration batteries, with an ability to work in harsh conditions, and anti-theft features
- A remote WA deployment of Redflow’s temperature-tolerant batteries, which are well-suited for the Australian rural community requiring an energy storage solution that can thrive in harsh conditions without the fire risk of other chemistries.
“In summary, we have made very good progress over the last 3 months and are very focused on converting initial orders with key customers into run rate business and generating new business with new customers,” said Mr Harris.
Click below to view the full video presentation by Tim Harris (length five minutes 48 seconds).