November 30, 2010
Leading electricity storage technology company, RedFlow, will soon begin trading as a listed company following the closing of its $17.5 million initial public offering (IPO).
The stock code ‘RFX’ has been reserved for the Brisbane-based company’s impending debut on the Australian Stock Exchange while it undergoes the listing process.
RedFlow Chairman Peter Pursey says the response from investors, which saw 17.5 million shares issued at $1 each, has been “gratifying”.
“We consider RedFlow to be a leader in the development of flow batteries for the rapidly growing global energy storage market and are looking forward to developing the company’s business through this new fundraising and in line with the plan we outlined in our Prospectus,” Pursey says.
RedFlow’s products are currently in use with power utilities in Australia and New Zealand.
Pursey says funds from the IPO will be used to deliver the company’s commercial strategy, particularly RedFlow’s packaged energy storage systems based around its proprietary zinc-bromine battery modules (ZBMs), and to boost the company’s manufacturing and ongoing product development program.
COMPANY GROWTH
RedFlow CEO Phil Hutchings says in the past five years, the company has made significant technical advances to develop its technology to a commercial standard.
“RedFlow’s Phase Two ZBM factory, opened by Queensland’s State Treasurer on 10th August, has recently moved to working two 10 hour shifts daily,” Hutchings says.
“The proceeds from the IPO will allow us to commit to the much larger Phase Three ZBM factory for opening in mid-2011,” he adds.
RedFlow recently reached an agreement with Jabil Circuit, one of the world’s leading contract manufacturers, for planned future larger scale production of ZBMs and associated power electronics.
The business has doubled its staff over the past 18 months, and currently employs over 50 people in Australia, and has representation in the USA.
Its foundation customers include EnergyAustralia, Ergon Energy and Powerco (New Zealand).
