RFX’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.
Please click here to read the full analyst research update.