ADELAIDE LAB POWERS UP REDFLOW'S EXPANSION
Written on the 8 March 2016
BRISBANE-based battery technology company Redflow (ASX:RFX) has established a laboratory in Adelaide to cultivate the broader application of its technology in the residential market.
Redflow, which has developed the world's smallest flow batteries for a range of commercial applications, launched the residential battery last month.
It is funding the rollout of the new product through a $7.36 million capital raising, which has closed oversubscribed. The company has also launched an entitlements offer to raise a further $5.56 million.
While Redflow's core research and development facilities are located in Brisbane, Redflow has established the new laboratory in Kent Town in Adelaide's inner south where it plans to undertake installation testing of the batteries, as well as training, ahead of the installation phase.
Last month, the company announced the launch of its residential battery that will see commercial installations beginning from June this year.
Redflow says the move is aimed at keeping its products competitive against brands such as Telsa and Panasonic, which are pushing hard into the Australian market.
Redflow executive chairman Simon Hackett says Adelaide was a natural choice for the battery lab.
"SA is at the leading edge of the renewables revolution through its solar panel uptake and wind power generation capacity," he says.
"Redflow's battery lab in Adelaide focuses on delivery, demonstration and training rather than development, which will expedite supplying the huge demand for batteries that is expected in Australia during the next few years."
Research from IHS Technology indicates that Australia's energy storage market will grow from less than 500 battery installations in 2015 to more than 5000 systems in 2016, making Australia one of the top five global markets for energy storage.
Hackett says the residential battery market is well placed to keep up with advancements in renewable energy.
"In the future, batteries will replace the need for those peaking generators with a much smoother way to accommodate spikes in demand.
"With its high renewables ratio, SA is ideally placed to leverage energy storage."