Australian flow battery specialist Redflow is seeking $19 million in a stock market raising to help fund more large scale flow battery projects, similar to the record 20MWh mandate it landed in California last week.
The rights issue seeks to raise up to $18.9 million, before costs, and is pitched at a price of 21c a share, a roughly 15 per cent discount to its recent trading.
“Redflow continues to experience a high level of customer interest in its unique zinc bromine flow battery technology and its ability to support multi-MWh large scale deployments,” the company said in a statement.
“At the same time, government and market recognition of the need for medium to longer storage duration and the role of flow batteries in the energy ecosystem is rapidly increasing.
Redflow last week landed its first commercial scale supply contract to supply the Paskenta Rancheria Microgrid Project, which include its 20MWh battery facility and a 5MW solar farm, and says it has a growing pipeline of project opportunities totalling more than 1GWh in the US, Australia and other markets.
Redflow expects to receive about US$12 million (excluding taxes and shipping) for the 20MWh California system, which will be paid progressively on commencement, delivery of batteries and completion milestones.
Other recent wins for the company include an MoU with Queensland state owned networks to assess its battery technology, and the delivery of zinc bromine batteries to the Bureau of Meteorology and the Southern Ocean tourist lodge on Kangaroo Island in South Australia.
