Australian battery storage developer Redflow is seeking to raise $12.9 million for marketing and fine-tuning production of its household “plug and play” battery storage product, which is set to launch later this month.
Chairman Simon Hackett says he is pitching in another $3 million of his own money as part of the fund raising, which comes at what he believes is a “pivotal time” in the development of the energy storage market.
Hackett says grid operators around the world are starting to embrace grid-scale storage, but battery storage is also a hot topic for the residential market, with the looming expiry of premium solar feed-in tariffs in NSW, Victoria and South Australia creating a “clear economic trigger point” for households and businesses to add energy storage.
Redflow flagged the imminent launch of its “flow battery” storage product last month. It is yet to reveal details of its pricing, it says its costs will compete with lithium-ion alternatives. And the company says it has seen significant interest (or, as it says, inbound registrations) for the launch of the product.
Many of the first units will go to shareholders who are being offered a shareholder discount offer for ‘early adopters’. “Our aim is to see 2016 be the year that our strongest supporters (our own shareholders) decide to be amongst the first to install an energy system featuring Redflow batteries into their homes and offices.”
Redflow says about $4 million of the funds being raised will be used for technical and product development, the product launch and marketing and establishing channels to market, training, installation and product support.
Another $1 million will be spent on product improvements, including the development and release of a new higher energy density battery model, and $2 million will be spent on manufacturing arrangements.
© 2016 Solar Choice Pty Ltd