Wotif founder Graeme Wood takes stake in battery storage developer Redflow

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

Wood 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.

Wood 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.”