Redflow, a Brisbane-based zinc-bromine flow battery manufacturer, has gone into voluntary administration after failing to secure capital to scale up its X10 battery to target larger projects.
In March it secured AUD 1.1 million ($740,000) in funding from Queensland Critical Minerals and Battery Technology Fund to develop and build a large-scale version.
The company has also secured AUD 20 million United States government funding in June 2024 for a 6.6 MWh zinc-bromine flow battery energy storage system (BESS) and in July 2024 Redflow partnered with Queensland-owned generation company Stanwell to develop a long-life non-lithium BESS for use in a 400 MWh project.
These agreements are now suspended until Deloitte administrators determine the future of the company.
A stock exchange statement said that despite significant interest in a proposed new factory in Queensland to produce the larger X10 battery, the company’s inability to do so led directors to ax the battery altogether.
“This strategic plan requires significant capital and over the past nine months Redflow has been in contact with a number of state and federal governments and agencies who confirmed that significant government support was available to fund the Redfow plan,” the statement said. “However, to access these funds, Redflow required significant matching funding from the Australian capital markets. Based on encouraging external financial advice, Redflow has considered and pursued available equity funding sources, but in the current market Redflow has been unable to attract the required equity support.”
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