Australian energy storage company Redflow Ltd (ASX:RFX) last week said it was looking to raise up to AUD 22.9 million (USD 15.6m/EUR 13.9m) to fund the development of its next generation battery, Renewablesnow.com reports.
The company seeks to secure about AUD 6.25 million immediately as part of a share issue to fund its development programme and retool its Thailand-based production plant. If fully subscribed, the share issue will raise AUD 22.9 million before costs.
The company expects to deliver the new zinc bromide flow battery at a considerably lower cost than its current battery, providing a platform for a volume manufactured battery as well as an improved customer proposition in a competitive market. The Gen3 Battery is expected to cut costs by 30% compared to currently made ZBM2 batteries. Customer trials are expected to start by the end of 2020.
Over the nine months to the end of March, the company saw its revenue surge 166% to AUD 1.7 million. But because of the COVID-19 pandemic, key customers have postponed investment plans, including for battery storage.
Company’s press release HERE