simon hackett backs battery pioneer redflow

Simon Hackett backs battery pioneer RedFlow
STUART KENNEDY THE AUSTRALIAN MAY 22, 2014 12:00AM

SERIAL tech investor Simon Hackett has pumped $2.2 million into ASX-listed battery storage developer RedFlow.

Hackett is now the major shareholder in Brisbane-based RedFlow with more than 9 per cent of the company’s shares.

RedFlow develops zinc bromide batteries, which differ from traditional lead acid cells by pumping the electrolyte liquid through the cell. The batteries are designed for use in large storage arrays and promise better capacity and longer life because the electrolyte remains unaffected by cycling and the electrodes are not consumed during operation.

RedFlow has already deployed more than 150 of the so-called ZBMs to a number of different electricity storage applications in Australia, the US and New Zealand.

The company has struggled to prove out its technology in the field with potential customers needing to evaluate demonstration ZBM units over several years. It also had difficulties scaling up its pilot production plant in Brisbane.

In 2012 RedFlow restructured and retrenched half its staff as it outsourced some manufacturing.

Hackett was a pioneer of the early Australian internet and has taken to tech investing with stakes in cloud-hosting company UltraServe, electric vehicle company eVRS, and aviation software company AvSoft.

He believes the time is now right for RedFlow. “For years, I’ve followed developments in the energy storage market. After a long period of research and development work to create the ZBM solution, RedFlow is now on the cusp of full commercial production of their battery systems,” he said.