- Battery makers Redflow (RFX) enters into a trading halt as it plans for an upcoming capital raise
- It has not been released how much the company is aiming to raise or why the capital raise is taking place
- Under the halt, company shares will be paused until Monday, August 15, or when further details about the raise are released to the market
- Recently, Redflow was selected as the energy storage solution provider for the Australian Government Bureau of Meteorology Renewable Hybrid Power Supply project
- RFX last traded at 4.9 cents per share on August 10
Redflow (RFX) has entered into a trading halt as it plans for an upcoming capital raise.
It has not been released how much the company is aiming to raise or where it plans to use the money.
The halt means company shares will be paused until Monday, August 15, or when further details about the raise are released to the market, whichever one comes first.
Redflow is a flow battery company that includes the development, manufacture and sale its zinc-bromine flowing electrolyte battery module.
Earlier this year, the company begun its first commercial sale of its Gen3 battery.
The new battery is an improvement on Redflow’s Gen 2.5 battery.
Production is from its manufacturing facility in Thailand which can reportedly scale up to 80 megawatts per hour of battery production per year, which CEO Tim Harris said supports RFX’s growth plans.
The company have also been selected as the energy storage solution provider for the Australian Government Bureau of Meteorology (BoM) Renewable Hybrid Power Supply (RHPS) project.
Under the deal, Redflow will supply 18 zinc bromine flow batteries to three weather radar locations in regional NSW – Yeoval, Hillston and Brewarrina.
On the market, RFX last traded at 4.9 cents per share on August 10.