Australian energy storage company Redflow Limited (ASX: RFX) today announced it will raise $18.1 million in equity capital to scale up battery production and to grow Australian and international sales.
The Brisbane-based company is raising the funds through a combination of a placement to new investors and a fully underwritten rights issue offered to all current shareholders.
Redflow Chairman Brett Johnson said Redflow had made significant progress in the past six months. “We’ve opened our new wholly-owned manufacturing facility in Thailand which is making quality battery stacks,” he said.
Australia’s first chauffeur-driven Tesla service, Evoke, has surpassed more than one million kilometres of zero-emission motoring by transporting passengers in its electric vehicles.
In reaching this milestone, the Sydney-based company, founded by Pia Peterson in 2015, has offset more than 325,000 kilograms of carbon emissions and avoided burning 130,000 litres of petrol.
As well as keeping the air cleaner, Evoke’s achievement enables many of its corporate customers to claim emission reductions delivered by the sustainable transport service as Scope 3 carbon offsets.
Regular Evoke passenger Sam Mostyn, who sits on the boards of Virgin Australia, Transurban Group, Mirvac, Citibank Australia, the Climate Council and ClimateWorks Australia, said she was delighted to support Evoke from its early days. “Pia Peterson and her team combine exceptional customer focus with a commitment to zero-emission transport,” she said.
The board of Australian battery company Redflow Limited has commended the successful commissioning of the company’s new factory in Thailand after visiting the facility this month.
During the two-day inspection, Redflow directors saw factory staff fully assemble two ZBM2 zinc-bromine flow batteries which are now undergoing post-production acceptance testing.
Redflow Chairman Brett Johnson said the board had been pleased by progress at the factory. “We are impressed by the commitment of the on-site team to producing high-quality components,” he said.
Australian battery company Redflow Limited (ASX: RFX) has named experienced technology executive Tim Harris as its new CEO to focus on the company’s growth and commercialisation.
Long-term Redflow executive Richard Aird returns to the role of Chief Operating Officer, a critical position that focuses his deep skills and experience with development of Redflow’s unique ZBM2 battery to ensure its successful production by the new factory in Thailand. Richard will continue his successful work in driving cost-downs, optimisations and quality improvements in the supply-chain and manufacturing process as the company prepares to ramp-up battery production during 2018.
Since last year’s strategic review, Redflow has transferred its manufacturing operations from North America to Thailand, where it is now successfully producing battery stacks - the critical component of its zinc-bromine flow batteries - and is on track to produce full batteries by June this year.
Tim Harris has extensive international business experience from the telecommunications sector - a key market for Redflow - where he was previously Chief Commercial Officer for Chorus in New Zealand and held senior leadership roles for BT Group in Singapore and the UK. More information about Tim is available at https://redflow.com/about-us/board-management/.
Redflow Chairman Brett Johnson said the company was now focussed on growth. “After a year of change, we are enormously grateful for Richard’s leadership to establish the new factory in Thailand, which is the foundation for our next phase of growth,” he said.