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- Shares in Redflow (RFX) have skyrocketed as the company prepares for its largest global battery sale to date
- Under the agreement, the company will supply an energy storage system to Anaergia’s Rialto Bioenergy Facility in California
- Excluding taxes, Redflow will be paid over US$1.2 million (around A$1.56 million) in instalments
- The company expects to reach practical completion of the project in the third quarter of 2021
- Redflow is up 59.26 per cent and trading at 8.6 cents per share
Shares in Redflow (RFX) have skyrocketed as the company prepares for its largest global battery sale to date.
The battery manufacturer signed the agreement with Rialto Bioenergy Facility, located 80 kilometres east of Los Angeles in California. The facility is a microgrid project developed by global waste recovery leader Anaergia and partly funded by a grant from the California Energy Commission.
Once the facility is fully operational, it will be the largest landfill diverted organic waste digester facility in North America. Every day, the facility will convert 700 tons of organic waste and 300 tons of biosolids into renewable natural gas and Class A fertiliser.
Under the agreement, Redflow will supply an energy storage system, consisting of 192 zinc-bromine flow batteries, to the Rialto Bioenergy Facility. The company’s system will support two megawatt-hours (MWh) of energy and reduce peak energy use at Anaergia’s facility.
Redflow will be paid over US$1.2 million (roughly A$1.56 million) for its energy storage system. This consideration will be paid in instalments throughout the project timeline, including milestones such as the agreement signing, shipment, delivery of goods and practical completion.
The company expects to achieve practical project completion sometime in 2021’s third quarter.
Redflow’s Managing Director and CEO, Tim Harris, expressed excitement about the company’s potential in California and the broader U.S. market.
“Anaergia’s Rialto Bioenergy Facility provides the ideal use case for Redflow zinc-bromine flow batteries. Our batteries thrive on heat and hard work, which is exactly what Anaergia requires from them,” he said.
“This project also enables Redflow to establish a presence in California, where we can offer commercially-proven zinc-bromine flow battery solutions to the broader Californian and U.S. energy market, which is expected to rapidly transition to renewable energy,” he added.
Redflow is up 59.26 per cent, trading at 8.6 cents per share at 11:08 am AEDT.
