Australian battery company Redflow Limited today unveiled an investment package that will raise $14.5 million to target sustainable delivery of its zinc-bromine flow batteries to high demand areas such as telecommunications.
Redflow’s capital-raising follows its May announcement of decisions from a strategic review including:
Redflow has provided an Investor Presentation containing details of the outcome of its Strategic Review and consequent activities undertaken or planned by the company, plus its new manufacturing partner, Malaysian-based MPTS, a long-term supplier of a core component of Redflow’s battery stack.
Announced to the Australian Securities Exchange (ASX) this morning, Redflow’s equity raising comprises a share placement $10.5 million in two tranches to sophisticated and professional investors and the issue of $4 million worth of shares to Hackett CP Nominees Pty Ltd - an entity associated with Redflow Executive Chairman Simon Hackett - in exchange for already issued convertible notes.
Redflow Executive Chairman and CEO Simon Hackett said the strategic review had determined the best forward operating stance for the company. “We have identified that the telecommunications sector has a strong, proven and ongoing demand for energy storage that fits the ‘sweet spot’ of Redflow’s unique value proposition," he said.
Australian battery company Redflow Limited (ASX:RFX) has praised proposed new regulations that prioritise fire safety for the deployment of lithium-based batteries inside homes.
Standards Australia has released final draft recommendations that require lithium-ion batteries - which are classified as “fire hazard class 1” - must not be installed inside a domestic dwelling, within a metre of any access or egress area or under any part of a domestic dwelling. There are no current Standards Australia regulations for in-home battery installations.
This draft standard follows Clean Energy Council industry rules issued last year, which state: “Some lithium-based batteries can fail due to internal overheating, in a process known as ‘thermal runaway’. The normal chemical reactions within the battery during charging are exothermic (heat-generating).
“If this heat is not able to dissipate, or the battery is overcharged for a long duration, the rate of chemical reaction can then speed up, which in turn increases the battery temperature further, in an increasing cycle until the battery is physically damaged ... Once this happens, there is a risk of fire and/or rupture of the battery, with emission of toxic material.”
Redflow CEO Simon Hackett said the safety-first principle should be a priority for the rapidly growing energy storage industry. “While manufacturers say modern lithium-based batteries are designed not to overheat, it only takes one poorly designed or deployed battery to catch fire at night to cost lives,” he said.
today's announcement that the South Australian Government has awarded a contract to deploy a 129 megawatt hour (MWh) battery farm to help solve the State’s power problems.Redflow CEO Simon Hackett has commended
Mr Hackett said the ambitious Tesla project demonstrated the growing maturity of energy storage systems. “We believe that batteries have a integral role to play in the successful exploitation of renewable energy sources,” he said.
"Elon Musk’s promise to deploy 129 MWh of batteries for SA in 100 days is a big challenge, even for a US$50 billion company like Tesla. As a far smaller company, Redflow is not yet configured to produce that volume of batteries in that timeframe, so we will continue delivering our ZBM2 and ZCell batteries to telecom and residential customers in Australia and overseas.
"This is not a competition between Tesla and other battery companies, it's about renewables and energy storage demonstrating their capacity to technically and affordably replace fossil fuels. I look forward to seeing a system of that scale running on the South Australian grid as soon as possible.
"This project sets South Australia up as a world leader in the use of battery storage with renewable energy - a true signpost of the future of the world. I'm thrilled about that. The global energy storage market is huge and essentially it is largely untapped. This project will act as a validation point and an accelerant of change.
"Redflow is well positioned to be a part of the solution in markets appropriate to its technology. Every battery manufacturer is likely to be busy for the foreseeable future, all working to their respective technical strengths.”
Centrify, the leader in securing hybrid enterprises through the power of identity services, has enhanced its Centrify Identity Platform to increase administrator security and ease of use for managing Mac computers.
Centrify’s enhancements deliver local administrator password management for Macs and comprehensive Mac application management and software distribution via turnkey integration with the Munki open source solution. These new capabilities enable Mac administrators to implement best practices for controlling privileged access on Macs while at the same time simplifying management of Mac endpoints.
Centrify Senior Director APAC Sales Niall King said these latest security capabilities extended shared account password management (SAPM) from servers, network devices, Windows and Linux endpoints to Mac. “At the same time, they simplify Mac application management with Munki support that enables users to install applications without knowing the admin password,” he said. “The Centrify Identity Platform secures Mac endpoints as well as Windows and Linux with our market leading Identity-as-a-Service (IDaaS) and privileged identity management (PIM) solutions that help stop breaches across endpoints, infrastructure and apps.”