https://unauthorised investment adv...raise-as-gen3-battery-charge-intensifies/?ampBig names aboard $5m Redflow raise as Gen3 battery charge intensifiesOn August 15, 2022
Pic: Yingyai Pumiwatana / Moment / Getty Images
One of Australia’s biggest entrepreneurial names has furthered his majority stake in battery innovator Redflow, as part of a $5 million placement. Redflow (ASX:RFX) announced today that it had secured firm commitments from new and existing tier-one shareholders to raise $5 million towards its significant growth initiatives.
These include supporting sales and business development, the production ramp-up of its Gen3 battery, further research and development, and working capital.
In a further vote of confidence, the placement was supported by Simon Hackett – a well-known internet entrepreneur and Redflow’s largest investor.
The company said the support of the placement was a strong endorsement for Redflow’s technology and growth opportunities.
“We are very encouraged by the support shown by both new and existing investors,” CEO and managing director Tim Harris said.
“I would like to thank our existing shareholders for their continued support, including the company’s largest shareholder Simon Hackett.
“We also welcome the new shareholders, including well-known Australian-based institutional investors, to our register during an exciting time for Redflow, as the company commences production of its Gen3 battery and we expand further into key energy storage markets like the US.”
The Gen3 battery is billed as the world’s smallest commercially available zinc bromine flow battery and has garnered significant attention for Redflow in recent years.
The company is currently producing the technology from a manufacturing facility in Thailand, and today’s raise will support production ramp up, product development and IP protection of the Gen3 tech.
The funds will also be used to explore further opportunities for the application of the tech.
“After successfully completing our Gen3 development, and progressing very large opportunities in the US, we are very excited by the opportunities we see for Redflow’s energy storage battery technology solution to rapidly increase adoption,” Harris said.
“We see huge potential for Redflow’s technology in the US and other markets like Australia. This placement allows us to bring forward growth initiatives to accelerate take-up of our new Gen3 battery.”
Earlier this month, Redflow
won a contract to supply 18 zinc-bromine flow batteries to the Australian government’s Bureau of Meteorology Renewable Hybrid Power Supply project.
Terms and SPPThe placement will raise $5 million before costs through the issue of ~116 million shares at 4.3c per share. Curran & Co acted as lead manager to the placement.
The company also intends to offer all eligible shareholders the opportunity to subscribe for up to $30,000 of fully-paid ordinary shares via a non-underwritten share purchase plan under the same terms as the placement.
Fully subscribed, this would add a further $5 million to the Redflow coffers during an exciting time for the company and its shareholders.
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