From pv journal Australia
Redflow, a Brisbane-based zinc-bromine battery producer, has entered voluntary administration after failing to safe capital to scale up its X10 battery to focus on bigger initiatives.
In March, it secured AUD 1.1 million ($740,000) in funding from the Queensland Critical Minerals and Battery Technology Fund to develop and manufacture a large-scale model.
The firm additionally secured AUD 20 million in US authorities funding in June 2024 for a 6.6 MWh zinc-bromine circulation battery vitality storage system (BESS) and in July 2024, Redflow partnered with Queensland-owned his technology firm Stanwell to develop a non-lithium long-duration BESS to be used within the 400 MWh challenge.
These preparations have been placed on maintain till directors from Deloitte decide the way forward for the corporate.
An announcement to the stock-exchange stated that regardless of sturdy curiosity in a proposed new manufacturing facility in Queensland to fabricate the upsize X10 battery, the corporate’s incapacity to take action led the administrators to the choice to fold it utterly.
“This strategic plan requires important capital and over the previous 9 months Redflow has engaged with a number of state and federal governments and businesses confirming that important authorities assist is on the market to fund Redflow’s plan,” the assertion stated. . “To entry these funds, nonetheless, Redflow requires important “matching funding” from the Australian capital markets. Based on encouraging exterior monetary recommendation, Redflow is contemplating and pursuing sources of fairness funding accessible to it, however within the present market, has not attracted the required fairness assist.
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