Thomson Geer is advising battery developer Redflow on an $18.1 million capital raising to enable it to scale up battery production and explore strategic opportunities in China.
Partner of Thomson Geer, Eugene Fung is leading the team working on this transaction, supported by Senior Associate, Melanie Mitchell and Graduate Lawyer, Thomas Gardner.
ASX-listed Redflow is a world leader in energy storage, a vital component for the next stage of the renewable energy revolution. It produces small 10kWh zinc-bromine flow batteries that tolerate daily hard work in harsh conditions, designed for use in the residential, commercial & industrial and telecommunications sectors.
After a successful strategic review process from which emerged a new CEO, Tim Harris, Redflow is in a position to transition from R&D to manufacturing, sales and marketing. This has also been prompted by the company having been approached by a number of Chinese entities interested in the technology.
Technology Entrepreneur, Simon Hackett, is Redflow’s largest shareholder and non-executive director, and is investing more than $1.8 million as part of the raising. New CEO Tim Harris has also picked up a stake as part of the process. The remaining capital has been secured at 10 cents a share through a $7.5 million placement to new investors, with existing investors pitching in the rest.