Like you Dyode, I bear a deep perovskite scar. it is doubly painful to watch Redflow immolate itself too. I pumped tens of thousands into both of them over several years in the naive belief that I was supporting deserving Australian tech that would help to ease the climate crisis. Instead I have discovered twice over that all I was doing was making some BS artist CEO rich. Simon Hackett must wince to see the sorry mess this has become and SimonGr will be slapping his thigh in mirth. I myself have been dubious for more that a year (despite the seemingly rosy news from the USA) due to TH's huge salary and lack of skin in the game, but didn't expect the plug to be pulled so abruptly...
As kipper57 has pointed out, it is difficult to believe that Redflow's financial position could have deteriorated to this degree in less that two months. There is no obvi9ous sign of a big creditor knocking on the door: the reason given for whistling up the administrators is that TH and the other directors just couldn't find anyone, even friends of the seemingly enthusiastic Queensland government, to help bankroll a manufacturing plant for the X10. We only have TH's word for this: for all the SHs know, he might just have asked his Aunty Flossie to lend him $20 million and when she knocked him back he had a fainting spell.
I am deeply suspicious of this spectacle. In Dyesol's case there was an attempt to sweep the valuable IP off into a proprietary limited company. This didn't work out, but at least the perovskite concept lives on through the efforts of former directors and others in the form of HaloCell, who are actually manufacturing product in Wagga. What will happen to RedFlow in Australia? Will the IP be transferred to an American affiliate not under administration? And what will the shareholders get? Zip.
RFX Price at posting:
9.7¢ Sentiment: Hold Disclosure: Held
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