Redflow 2022 wrap up 2022 has been a very busy year for Redflow...

Redflow 2022 wrap up 2022 has been a very busy year for Redflow and one where we have made significant progress against our strategy.We now have over 280 active deployments spread across nearly 20 countries and we are finishing the year with a pipeline of really exciting opportunities.Some of our 2022 key highlights include: In January we formally launched our key 2 MWh Anaergia energy storage project in California. The project has generated significant interest across the industry, and its performance has led Anaergia to signing a non-binding Letter of Intent with Redflow for a new 6 MWh system at a new site in California. We should find out more about progress on this project early next year. February saw the launch of our new brand and website, positioning us as a global energy storage solutions provider with a modern look and new content to engage and educate our customers and stakeholders on our solution. In June we announced the successful integration of our technology with two inverter companies: US inverter company Sol-Ark and international inverter company CE+T Power which are critical to our market proposition. We launched our third generation ‘Gen3’ ZBM battery for commercial sale and commenced production in our Thailand facility in July. The battery’s new design incorporates several key innovations including a new stack design, updated electronics with increased functionality, and a new tank design and cooling system. The ZBM3 delivers a 50% reduction in parts, a 40% reduction in manufacturing time, and allows us to scale our manufacturing to a target capacity of 80 MWh p.a. in 2023 to meet anticipated demand. On the sales side we announced a number of major deals. We signed our first Australian large-scale ZBM3 battery sale in July to supply 56 zinc bromine flow batteries to the reconstruction of iconic Southern Ocean Lodge on Kangaroo Island, South Australia. In August, Redflow was selected as the energy storage solution supplier for the Australian Government Bureau of Meteorology Renewable Hybrid Power Supply project to improve solar utilisation and dramatically reduce carbon emissions at their remote radar sites. In September, we announced a collaboration with the The University of Queensland within the Australian Research Council Research Hub for Safe and Reliable Energy Storage and Conversion Technologies administered by Deakin University. The research project will develop a deeper understanding of the electrolyte chemistry and electrode materials to further extend the operational characteristics of the zinc bromine module and lower the levelized cost of storage. We also announced a number of important Engineering Procurement and Construction partnerships to support our growth in the critical US market, including the signing of a Master Services Agreement with Black & Veatch, and a strategic partnership with Empower Energies to deploy solar + flow battery solutions in North America to commercial and industrial customers. Our focus on raising our market visibility and reduction in COVID restrictions also meant we participated in a number of important industry events this year which has generated significant customer opportunities. This includes exhibiting at Intersolar North America in Long Beach, RE+ Solar Power International in Anaheim California and All Energy in Melbourne Australia, as well as presenting at the International Flow Battery Conference and World Bank earlier this month in Seoul. In October we were also delighted to be named as a finalist in the Resources and Energy category at the 2022 Premier of Queensland’s Export Awards.Redflow is now recognised as one of a handful of companies in the medium to longer duration energy storage market with a proven technology that has the ability to meet both short term project needs and rapidly scale to meet longer term requirements. We have diligently prepared the business to be ready to execute and scale up to meet this demand.2023 promises to be another exciting year for us. The market for long duration energy storage continues to grow as businesses recognise the critical importance of energy storage in meeting climate change targets. Forecasts predict that continuing supply chain pressures, extreme weather events and the Ukraine war will continue to create opportunities for other energy storage technologies.In Australia the new federal government's commitments to an accelerated pathway to a renewable future presents an exciting pathway for a proudly Australian developed technology like Redflow. This is supported by various State initiatives, including the Queensland renewable energy target of 70% renewables by 2030. Focus on domestic supply of renewable energy supply has also accelerated – including the supply of batteries which is a positive shift. In addition, the passing of the transformative Inflation Reduction Act in August in the US will make long duration energy storage project more viable to the market and customers in the largest energy storage market in the world. We have a number of exciting projects progressing well in our target markets and have built up a solid pipeline of well over 1 GWh of project opportunities. A number of those projects are multi-MWh in size which successfully follows our strategy of focusing on larger scale systems as well as executing on smaller energy storage solutions for commercial and industrial customers.Our focus for 2023 will therefore be converting some of the key deals in our pipeline into orders and projects, ramping up our Thailand factory to 80 MWh per annum as demand increases, extending our set of strategic partners in our key target markets and generating more traction in the market for our proven world leading energy storage technology. We also will look to build the capabilities – such as UL listing in the US – which will be core to our future success.On behalf of myself and the team at Redflow I would like to thank everyone for their support and wish you all a safe, happy and healthy holidays. Tim HarrisCEO and Managing Director