November 26, 2018 is another happy moment for Redflow Limited (ASX: RFX) as it has received an order by Optus mobile phone tower to provide 6 ZBM2 zinc-bromine flow batteries for energy storage that is environmentally sensitive in Daintree rainforest. These ZBM2 batteries have the potential to store and supply energy up to 60 kilowatt-hours (kWh) for the Optus mobile phone tower at Alexandra Range situated at the North of Brisbane.
These batteries possess constant energy storage capacity, remote management capabilities, has a tolerance of warm temperatures and it is such designed that is environment-friendly. These batteries come in a range of maximum 10 kilowatt-hours (kWh) with ten years of warranty period. These get discharge 100% each day. These batteries need a warm climate to work without any requirement of external cooling. Even if the temperature goes as high as 50-degree centigrade, there is no impact on these batteries. The components used in the batteries is re-usable. It contains zinc bromide electrolyte solution that can be cleaned and can be used again once the battery completes its operating life.
Further to this, the CEO of Redflow Limited demonstrated the importance of these batteries which was derived by the telecommunication companies. Apart from that, the company also highlights the establishment of its Thailand factory in Chonburi free trade zone. In the FY2018, the company was able to raise $18.1 million capital to fund the growth of the company. They delivered another 160 batteries for Hitech which indicates the company’s potential to meet the needs of its customers.
The company is a consistent negative performer since inception. The performance of the company since inception was -90.08%. The one year, 5years performance of the company is -36.19% and -15.27% respectively. Since the past five days, the performance of the company is positive.
For the year ended 30 June 2018, the company made a net loss of $11,995,018. The company maintains a strong balance sheet. The net asset of the company is $20,787,048 which indicates that the company has the potential to meet its long-term obligations. The total current asset of the company is $22,573,634 and total current liabilities of the company is $3,252,138 which indicates the strong position of the company as it can meet its short-term obligations as well as the net working capital. The total shareholder’s equity of the company was $20,787,048. Through the operating activities, there was a net cash outflow of $11,155,486. Under this category, the major source of cash outflow is due to payment made to the suppliers and the employees. The net cash outflow from the investing activities was $645,076 where the major source of cash outflow was due to payment made to the plant, property and equipment and the purchase of the intangible asset. Through financing activities of the company, the net cash inflow was $26,861,295. By the end of the year, the cash and cash equivalent of the company remains $17,732,832.
There was an increase in the share price by 6.329%. The closing price of the share is A$0.084 (AEST: 4 pm, 26 November 2018) with the market capitalization of A$56.29 million.
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