Industry

Flow battery company Redflow revenue up 172.3%

Redflow reported a significant increase in revenue from its zinc bromide flow batteries, but the Australian company noted that the company expects to remain "cash flow negative" for some time.

Redflow's financial report for the half year ended December 31, 2021 reported to the Australian Securities Exchange (ASX) showed that the company's revenue for the period was 1.1742 million Australian dollars (5.38 million yuan), an increase of 172.3% over the same period in 2020.

However, it recorded an after-tax loss of A$6.5 million (RMB 29.77 million) - up from a loss of A$2.9 million (RMB 13.28 million) in the first half of the year - and noted that additional working capital will be required this year. However, it did raise A$10.8 million (49.47 million yuan) to grow additional operations, including from institutional investors.

Redflow said most of the increased losses could be attributable to higher costs for raw materials and consumables, which cost A$2.226 million (10.2 million yuan) for the half-year, while other large expenses included more than A$3.6 million (16.49 million yuan) in wages Expenses and administrative expenses of $478,000.

At the same time, it held total assets of over A$20 million (RMB 91.61 million) at the end of the calendar year, minus current liabilities of just over A$8 million (RMB 36.64 million), leaving the company with A$13.58 million (RMB 62.2 million). ) of the net worth and equity. It had cash and cash equivalents of just under A$14.5 million (RMB 66.42 million) at the end of the period.

The company recently completed its largest deployment to date, a 2MWh project in California, as it pursues continued international expansion. As of earlier this year, the company has primarily focused on the mid-sized commercial and large off-grid markets, with the launch of the EnergyPodZ.

Tim Harris, CEO and Managing Director of Redflow, said, "Given the growing external demand for energy storage, we will build strong business capabilities and make capital investments to capture the huge market opportunity."

Harris announced yesterday that new Americas president and chief commercial officer Mark Higgins has joined the company.

The company's bioenergy generator Anaergia project in California has generated significant interest in zinc bromide flow battery technology. Redflow has secured interest from a "large U.S. public company." Another Singapore-based venture capital fund, FUND4SE, invested A$500,000 (2.29 million yuan) in company stock and options and provided other support.

Its next-generation Gen3 batteries are expected to launch in the fourth quarter of Redflow's fiscal 2022, despite the impact of the pandemic on the company's Thailand-based manufacturing operations, including employee absenteeism and COVID-19 infections, as well as material supply delays.

The Gen3 will improve upon the previous model in terms of stack technology, electrolyte tank architecture, cooling systems and new electronic control systems, which it says will reduce costs by 30 percent.

According to previous reports, certification and standards organization UL has tested Redflow's system to evaluate and understand key technical attributes of flow batteries.

Redflow said it has so far had 2GWh of projects approved by the market, with the company supporting telecom provider Optus in a government-backed scheme.

The flow battery maker is also a member of the international CEO-led long-term energy storage council, which has recently joined Microsoft and Google.