What does the company do?
Redflow makes stationary batteries. These are large batteries built to support building or electrical grids. The Redflow batter is a zinc bromine flow battery, which differs to to the Li-Ion or LFP batteries you find in an electric vehicle (EV). Flow batteries don't use lithium, which is increasingly in demand for EV production. According to Redflow their battery chemistry offers some useful features: they don't catch fire, can be completely discharged without damaging the battery, and offer a hibernation mode (where the battery is kep charged but unused for extended periods of time).
They have a manufacturing facility in Thailand and have recently (July 2022) launched generation 3 (ZBM3) of their battery.
Who do they sell to?
In the past Redflow's ZBM flow battery has been deployed in small setups to provide grid-backup power to businesses. They haven't pursued residential market (they don't seem to be cost competitive, and their batteries appear to be bulkier than a Li-ion model) but did have success providing batteries as backup power for remote Optus cell phone towers.
Their largest deployment to-date has been a 2 MWh energy storage system for Anaergia in California in 2021 using the previous-generation battery. This appears to have gone well: they are pursuing a subsequent 6MWh deployment with the same customer for deployment "target 2023-24".
Their 1HFY23 report claims "Several key opportunities which are at advanced stages in our pipeline are multi-MWh contracts".
Redflow are focusing on US sales opportunities: legislation passed in the US last year is increasing funding for green infrastructure, including batteries. Redflow's Thailand manufacturing facility is planned to grow to 80MWh production per annum by the end of 2023.
It is encouraging several customers have come back and deployed further systems, including the Bureau of Metrology and Knox City Council in Australia, and Anaergia (proposed, as mentioned above) in the US.
