Wotif founder Graeme Wood takes stake in battery storage developer Redflow | RenewEconomy

Wotif founder Graeme Wood takes stake in battery storage developer Redflow

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Graeme Wood joins Simon Hackett as major shareholder in battery storage developer Redflow, hails market-based technology not held back by anti-renewables brigade in Canberra.

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Graeme Wood, the founder of online accommodation booking site Wotif and a major donor to climate and clean energy initiatives, has emerged as a major shareholder in the Brisbane-based battery storage developer Redflow

graeme woodWood spent $3 million picking up shares in an institutional placement, and then sub-underwrote its rights issue, meaning he will emerge with a 5.2 per cent stake in the company.

Another successful Australian entrepreneur, IT man Simon Hackett, has also emerged as a major shareholder in the company.

Hackett spent another $3.4 million this week to take his holding in the company from 9.8 per cent to 13.4 per cent. Hackett recently became the first customer for the company’s new generation product, with a plan to take his Adelaide-based offices entirely off-grid.

Redflow recently said its battery storage products are nearing parity, particularly with the tariff structures available in Europe. In Australia, it is becoming interesting for network operators, and commercial users.

ZBM copyWood said RedFlow is poised to profit from the global demand for energy storage driven by the relentless growth of renewable energy technologies.

“Enlightened investors, consumers and politicians understand that the only place for coal is in the ground,” he said in a statement.

“Happily, Redflow’s business growth is market-driven and not held back on the world stage by the mindset of those in the anti-renewables brigade in Canberra who want to water down Australia’s commitment to renewable energy.

“I am delighted to be supporting an innovative Australian company with a mission encompassing both profit and social benefit.”

 

 

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4 Comments
  1. john 5 years ago

    I think flow battery technology is better suited to working with solar than Lithium batteries, mainly due to the ability to not be affected by any situation of charge as against lithium’s problem with going too low in state of charge.
    As scale ramps up flow batteries will go down just like LI is going to especially with the input from Tesla’s Giga Factory.
    I think LI will have a place in the small foot print building area, where low output can be captured during the day to best effect with a small footprint storage device.
    It is good to see this Australian start-up getting backing here in Australia.

    • Alastair Leith 5 years ago

      Lithium Iron is looking like a possible replacement for Lithium Ion too.

  2. Brad Sherman 5 years ago

    Let’s not blame Canberra for anti-renewable sentiment. Last time I checked, the ACT was the last remaining outpost supporting the development of large-scale renewables. And the government is certainly not popular with the vast majority of the electorate here. The troglodytes referred to as anti-renewable mainly come from Sydney and QLD, don’t they?

    The federal government may have its headquarters here in Canberra, but Canberra is not the federal government.

    • Justin Mahon 5 years ago

      Ummmm, we could get around the Constitutional semantics you raise by simply pointing out that the various sources of anti-renewable sentiment all has one thing in common. Liberal governments. There, does that help?

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