RedFlow Published Investor Presentation

RedFlow Limited (ASX: RFX) engages in designing and manufacturing of zinc bromine flow batteries, with manufacturing facilities in Thailand. It was established in the year 2005 and is currently headquartered in Brisbane, Australia. RFX has deployed its zinc bromine flow battery commercially, and the technology is protected by a patents and trade-secret technology.

Under the sales strategy, RedFlow finds significant addressable opportunities in developed and developing markets. Its APAC telco market has now more than 3m towers.

The company has an established manufacturing capability with the ability to scale. Its Thailand factory is now well established and up and running. It delivered 150 batteries/month in Dec 2018 and has the ability to ramp to 250 batteries/month to meet potential demand, by recruiting additional labour for an extra shift on selected manufacturing processes in an eight to 12-week lead time. The company believes that with moderate levels of capital and well beyond (up to 1,000 batteries/month with further CapEx), there is a good scope to scale up to 450 batteries/month. The company informed that a significant productivity improvement and cost down programmes are underway.

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As per the release, it is expected that the demand for lower carbon energy system will increase substantially. The Smart Energy Council estimates that 1 to 3 GWh energy storage could be installed in Australia by 2020. In the energy storage ecosystem, the flow batteries have a specific role. Flow batteries are suited for 10 kWh applications up to multi MWh. It is comfortable with discharge times of up to 12 hours (at rated power). Its unique features include versatility, adaptability and robustness.

The market for redox flow batteries is forecasted to be US$4.5 billion by 2028. RedFlow technology boasts for its flow chemistry, which is like a reversible electroplating process. Unlike conventional batteries, it is happy to run flat and repeatedly use 100% of its energy capacity. It has excellent tolerance for high ambient temperatures without external cooling. Its compact and modular design enables scalability 10kWh to multi-MWh. Its smart battery includes the Battery Management System (BMS) with remote monitoring and diagnostics. It has recyclable HDPE plastic and re-usable electrolyte feature as well. Its built-in battery self-protection features comes with 10 years or 3,650 cycles of warranty.

RedFlow zinc bromine target applications and advantages include the minimised diesel use, where a generator is only used to recharge batteries and as a backup solution. It maximizes renewable consumption, where it can store excess energy generated through renewables to be deployed when needed. It can mitigate peak demand costs as battery discharge targets the load peak to avoid extra charges related to peak demand.

In another update, the company announced a capital raising via a 1 for 2 non-renounceable pro-rata entitlement offer to raise around $15 million (before offer costs) at an issue price of 4.2 cents per share. The offer will be valid for only eligible shareholders in Australia, New Zealand, Hong Kong or Singapore. The eligibility criteria say that the shareholders’ details must be present on the register of the company on the record date of 7 pm (Sydney time) Wednesday, 17 April 2019.

At the time of writing (on April 12, 2019, AEST: 03:00 PM), the stock of RedFlow Limited is trading at $0.049, down 19.672%, with a market capitalisation of ~$43.47 million. Today, it made day’s high at $0.06 and day’s low at $0.045, with a daily volume more than 5,410,048. Its 52 weeks high was at $0.152 and 52 weeks low at $0.045, with an average volume of 489,888. Its absolute return for five years, one year, six months, and three months are -34.57%, -57.3%, -24.69%, and -27.38%, respectively.


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