Battery group Redflow looks to boost its coffers

Brisbane-based energy storage player Redflow has launched a capital raising for up to $13.6 million after announcing more than 60MWh in new projects in the past 11 months. The funds will back the delivery of those projects as well as plans to scale up Redflow's manufacturing facility in Thailand. The company said the capital raising - comprising a pro rata non-renounceable entitlement offer - would also support continuing discussions with the Queensland Government under its Battery Industry Strategy and with other government agencies for financial and other commercial support. It was selected last year to supply 4MWh of energy storage to Energy Queensland as part of a $12 million network battery project. Redflow also has a feasibility study underway for the establishment of a large-scale zinc-bromine flow battery manufacturing facility in Queensland, but has yet to pinpoint the planned location. Preliminary Queensland factory design. It recently attracted $1.12 million under the Queensland Critical Minerals and Battery Technology Fund for that work and construction of a large-scale zinc-bromine flow battery prototype. The company cites the energy transition in Queensland as a powerful example of its growing strategic opportunity. "Queensland’s energy transition and battery industry growth is expected to be accelerated by Queensland Government’s $62 billion Energy and Jobs Plan and a $570 million Battery Industry Strategy, which was launched in March 2024," it stated in an update to the ASX. "As part of the announcement, Queensland Premier Steven Miles noted that 'the Queensland Battery Industry Strategy establishes Queensland as a global leader in the flow batteries needed to store renewable energy and advanced battery technologies'.” The company's project pipeline includes work for US California Energy Commission, the US Department of Defence, Energy Queensland, Acciona, Horizon Power and the US Department of Energy. "Our progress in securing new customers underscores the increasing global requirement for medium to longer storage duration solutions that have been proven in the field and can rapidly scale, to meet the estimated cumulative battery storage demand of 85 TWh by 2040," the company stated. Recent contract wins include a project to supply and install a 100kW/400kWh Battery Energy Storage System (BESS) in Western Australia for Horizon Power. It is part of a trial in the use of long-duration batteries to help Australians living in off-grid communities store cheaper, cleaner solar energy.

Battery group Redflow looks to boost its coffers

Industry Queensland

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