Oz Battery Maker Redflow Reports A Loss But Growing Sales, Revenue
Solar battery maker Redflow, whose executive chairman and major investor is former NBN director and Adelaide-based Internet pioneer Simon Hackett, has reported a net loss of $12.9 million for the year to June 30. Revenue from ordinary activities was up 14pc at $1.37 million.
Hackett said this was an improved result due to lower fixed costs and increased revenue from sales of its ZCell and ZBM2 products.
He added: “A central element of this success has been our Internet-enabled battery management system (BMS), which allows Redflow to monitor and manage batteries deployed in the field.”
Another key factor has been transitioning battery production from the USA to a “more appropriate manufacturing location” in Malaysia, Hackett said. This would leverage proximity to proven markets and reduce supply chain costs, he said.
Hackett said this was demonstrated in May when Redflow made its largest single sale of ZBM2 batteries, worth about A$800,000, to New Zealand-based Hitech Solutions for an energy storage solution it is designing for an unnamed Pacific nation.
Meanwhile the company’s ZCell batteries are being installed at residential and commercial properties in Queensland, NSW, ACT, Tasmania, Victoria and South Australia, Hackett added.