ADELAIDE LAB POWERS UP REDFLOW'S EXPANSION

ADELAIDE LAB POWERS UP REDFLOW'S EXPANSION

BRISBANE-based battery technology company Redflow (ASX:RFX) has established a laboratory in Adelaide to cultivate the broader application of its technology in the residential market.

Redflow, which has developed the world's smallest flow batteries for a range of commercial applications, launched the residential battery last month.

It is funding the rollout of the new product through a $7.36 million capital raising, which has closed oversubscribed.  The company has also launched an entitlements offer to raise a further $5.56 million.

While Redflow's core research and development facilities are located in Brisbane, Redflow has established the new laboratory in Kent Town in Adelaide's inner south where it plans to undertake installation testing of the batteries, as well as training, ahead of the installation phase.

Last month, the company announced the launch of its residential battery that will see commercial installations beginning from June this year.

Redflow says the move is aimed at keeping its products competitive against brands such as Telsa and Panasonic, which are pushing hard into the Australian market.

Redflow executive chairman Simon Hackett says Adelaide was a natural choice for the battery lab.

"SA is at the leading edge of the renewables revolution through its solar panel uptake and wind power generation capacity," he says.

"Redflow's battery lab in Adelaide focuses on delivery, demonstration and training rather than development, which will expedite supplying the huge demand for batteries that is expected in Australia during the next few years."

Research from IHS Technology indicates that Australia's energy storage market will grow from less than 500 battery installations in 2015 to more than 5000 systems in 2016, making Australia one of the top five global markets for energy storage.

Hackett says the residential battery market is well placed to keep up with advancements in renewable energy.

"In the future, batteries will replace the need for those peaking generators with a much smoother way to accommodate spikes in demand.

"With its high renewables ratio, SA is ideally placed to leverage energy storage."

 

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Big-name retailers among buyers interested in scooping up Godfreys Group

Big-name retailers among buyers interested in scooping up Godfreys Group

Buyers have begun circling embattled vacuum cleaner retailer G...

More tradies chasing fewer jobs drives Hipages to $3.7m profit

More tradies chasing fewer jobs drives Hipages to $3.7m profit

More tradies competing for fewer jobs has propelled online tradie m...

Universal Store profit up 17pc on productivity gains despite inflationary pressure

Universal Store profit up 17pc on productivity gains despite inflationary pressure

Now with 100 stores to its name across several brands, Universal St...

Scentre Group retailers post record sales in 2023 as foot traffic spikes

Scentre Group retailers post record sales in 2023 as foot traffic spikes

A sharp increase in foot traffic at Scentre Group’s (ASX: SCG...