If there’s one thing holding back the electrical vehicle sector it’s ‘range anxiety’ – the sickly feeling that you’re not going to make it to the next sparsely-located charging station and will spend the night by a lonely verge. Here’s a solution.
Battery maker Redflow is raising up to $14.5 million at a very low 10 cents per share, but the offer is not available to its retail investors. The shares were trading at 16 cents before the capital raising, and the last time they were 10 cents was three years ago.
RedFlow has plenty of room to move on the pricing of its ZCell home battery system if it needs to, said company chairman Simon Hackett. Last month RedFlow revealed the enclosure for the residential energy storage system, and expects the first shipment of ZCell batteries to arrive in Australia late this month for testing. The initial price of a storage system without solar panels will vary with capacity and installer but a standard 10 kilowatt hour installation is expected to cost around $15,000 to $18,000.
Energy storage maker RedFlow has urged mining companies to look at deploying renewable energy with on-site power storage to cut their energy costs at remote sites, particularly now that commodity prices and mining revenue have fallen.
Battery maker RedFlow has appointed major shareholder Simon Hackett as chairman and will target the residential battery market as significant sales from the commercial market are yet to appear. The delay in commercial orders also means the company no longer expects to achieve its target of operating cash-flow breakeven by December this year.