Redflow Limited has been named in a Request for Information (RFI) issued by a large listed US corporate as an approved supplier of flow batteries on a preliminary basis.
The listed US corporation which has issued the RFI has publicly committed to sourcing 100 per cent of its global power needs through renewable energy and through the RFI is seeking proposals from power developers to help provide that energy using Redflow batteries.
If Redflow is ultimately selected, the proposed scope of work as contained in the RFI has the potential to be material to Redflow.
Redflow is pleased with this further validation of the US market opportunity.
At the same time, it cautions that the opportunity is at an early stage and it remains subject to technical diligence, economic assessment and negotiation and agreement on commercial terms. For these reasons, further details regarding the opportunity are not considered material.
Investors and shareholders are advised that the opportunity is speculative and there is no assurance or certainty that it will be realised or that any agreement or transaction will eventuate. Accordingly, market participants should not place undue weight on the existence of this opportunity in making investment decisions in relation to Redflow shares.
As disclosed in its recent prospectus, Redflow is, in the ordinary course of its business development activities, engaged with various commercial third parties in relation to the supply of batteries to energy storage projects. These engagements are confidential and incomplete and are at various stages of maturity. Redflow will provide appropriate market updates as part of its continuous disclosure obligations.
This announcement was authorised for release to the ASX (Australian Securities Exchange) by the Chairman and CEO of Redflow Limited.