Redflow soars after winning deal to build battery
Shares in Brisbane-based battery company Redflow jumped 43 per cent after it announced it would build an $18 million zinc battery for a microgrid on the land of the Paksenta Band of Nomlaki Indians in northern California.
Redflow said on completion the 20Mwh system will be one of the largest zinc-based battery projects in the world and would represent its largest single sale and deployment of batteries to date.
Redflow will supply and supervise the installation of 2000 batteries into 200 kwh modular energy pods. The deal would deliver $US12 million ($18.4 million) in revenue.
Completion of the project is expected in the first quarter of 2025.
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Managing director Tim Harris said the project was one of several large-scale opportunities in the company pipeline and represented the start of the next phase of its growth strategy.
“For this project, Redflow’s battery system is designed to charge from solar and discharge throughout the day, reducing grid demand and boosting energy security and sovereignty for the Paksenta Rancheria,” he said.
The batteries will be manufactured in Thailand.
