One of Australia’s biggest battery technology hopefuls, Redflow, has been placed into voluntary administration in yet another blow to the country’s green industry ambitions.
The brisbane-based company has been working for more than a decade on its flow battery technology – which has the advantage of longer duration and zero fire risk – but has been struggling on the issue of costs, particularly as the price of lithium-based batteries continues to fall.
The company had hoped to launch a megawatt-hour scale version of its battery, known as X10, and had signed an MoU to install a 5 MWh battery with state-owned energy company Stanwell.
But while it received offers of support from various government agencies, it says it has been unable to secure matching funding from investors to support the development of the project, which would have featured eight hours of storage.
“Over the past nine months Redflow has engaged with a number of state and federal governments and agencies that confirmed that significant Government support was available to fund the Redfow plan,” the company said in a statement on Friday.
“In order to access these funds, however, Redflow required significant “matching funding” from the Australian…
