Ann: Redflow Commercial Strategy Update May 2022, page-14

I agree about expanding the number of installers in Australia, but they have to come forward. What will entice them, a product with good visibility and profitability, something to build an entire solution around. Two of the Australian projects are listed for 2022 start target. I'm presuming they are direct via Redflow, but they could be partners, no idea.

Outside of that there no doubt will be more engagement for existing installation partners. I would be surprised if Installers don't have a few projects waiting on the sidelines for Gen3 batteries - perhaps some waiting for proof of acceptance by larger organisations locally.

To me it seems quite obvious the Anaergia install (among others) is being leveraged quite substantially in the USA, maybe elsewhere too. It has all the useful entities associated with it and it is local, they can go have a look. In addition I believe a key element will be achieving a nil outcome when evaluating for thermal runaway fire propagation in battery energy storage systems, a big chunk of what UL 9540A is about.

https://collateral-library-production.s3.amazonaws.com/uploads/asset_file/attachment/2482/UL_TestMethodUL9540A_156.01.0318.EN.EPT_DIGITAL.pdf

Not certain that we have any equivalent in Australia, I do recall the AS on how all batteries were to installed in or around building, no accounting for no thermal runaway, or close to it. Hopefully the outcome of the UL testing is not too far away.

I don't see why you think Redflow is relying on one market? I've pasted enough, I think what is outlined on slide 26 shows a reasonable diversification, outside of what independent installers will do.

Another perspective for cash flow diversification to think about is mention of the possibility of US based "strategic partners, who are actively researching Redflow’s business and solution." From https://wcsecure.weblink.com.au/pdf/RFX/02515723.pdf

Not certain how they fit in but there is the "Investor Briefing Session" on Thursday, 9:00am with a Q&A session if we don't get the info we want.