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RFX - Redflow Limited

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The Redflow Group delivered $1.95 million (FY19: $0.8 million) revenue for the year. After a very strong first half result, final year revenue was impacted by the COVID19 pandemic and the ability to progress and finalise sales in key markets.

Overall the group saw a decrease in the loss after income tax from $11.6 million in FY2019 to $10.0 million in FY2020, predominantly as a result of the increased revenue and receipt of a $2.0 million R&D tax incentive.

Additionally, Redflow has made the strategic decision to realise a write-down of current inventory of finished goods and raw materials, a result of the accelerated Gen3 battery development and the immediate expensing of a portion of the overheads for the Thailand facility due to the moderation of production.
 
trouble in argybargyland

there has been further engagement with the non-Board endorsed candidate, Hunter Jiang, by way of written exchange of information.

Under Mr Jiang's proposal:
- Mr Jiang and two new directors nominated by him would takeover the Redflow Board and executive management;
- In lieu of salary, the new Board will issue Mr Jiang 250 million “in the money” options, exercisable at $0.02 per option, at any time within 5 years of date of grant;
- Redflow would contribute its intellectual property to a Chinese based joint venture company in exchange for a minority equity interest in that Chinese company (to be negotiated but maximum 30%);
- the Chinese JV company would raise funding, outsource manufacturing to one or more third party Chinese manufacturers and sell China-made Redflow batteries in China and elsewhere; and
- Redflow shareholders will receive no immediate consideration in return for the loss of ownership of its IP, be potentially substantially diluted should Mr Jiang exercise the options that will be issued to him by the new Board, and will receive no consideration for the transfer of Board and management control.

Accordingly, to secure a Board recommendation, the Board would need to satisfy itself that there was a reasonable basis for the new strategic direction, the key risks (particularly implementation risk) were understood, there were appropriate risk management measures in place and the new strategy was demonstrably more favourable than the current strategy.

As parts of the written information provided to Redflow were unclear and in parts contradictory, Redflow reached out to Mr Jiang for a meeting to clarify Redflow's understanding. However, Mr Jiang has declined to engage further on the basis that he considered that a 'full, complete proposal' had already been provided. Board assessment Subject to that qualification, set out in the Schedule is a high level overview of the Board's understanding of the key features of the Jiang Proposal and its present assessment based on the information provided to date.

Based on that information, the Board considers that the Jiang Proposal is not sufficiently well formed or supported by objective or verifiable information, to provide the Board with the reasonable basis required to recommend to shareholders to abandon its current strategy in favour of the Jiang Proposal.

In addition, based on the responses to date, the Board has reservations that its outstanding concerns can or will be adequately addressed by Mr Jiang.

QUITE
 
Sounds like the gunfight at o.k coral, talk about hostile offer. Hopefully this brings clarity to the board.

I don't hold.
 
sptrawler said:
I tend to think with the pressure coming on for the introduction of home based storage, Redflow will be one to watch, IMO it is the best technology currently available for home storage.
Might be well worth accumulating a few IMO.
Click to expand...
as usual, if any chance of being good and still in OZ, purchased by the middle kingdom
equality of outcome......
 
sptrawler said:
Might be worth putting them back on the watch list.
Click to expand...
Was actually thinking about their underperformance. whatever their merit, with the current narrative, they should have a crazy PE you know: green, power, batteries, new deal blablabla
 
sptrawler said:
... a way to reduce purchase cost, which was the main stumbling block when compared with lithium based batteries.
Click to expand...
But they are up against the Li-ion companies, where costs are being driven down all the time.

From elsewhere (mainly EV, but the sheer size of players makes it hard for RFX):
CATL wants to massively expand its production capacities for battery cells, to 230 GWh this year and to 1,200 GWh in 2025. In parallel, the Chinese battery manufacturer is aiming to expand to Japan, Indonesia, the USA and Europe.

The report came from the German business publication Handelsblatt on CATL’s plans. According to a chart in the publication, CATL wants to increase its production capacity between 2020 and 2025 in the following stages: 110 GWh (2020), 230 GWh (2021), 380 GWh (2022), 540 GWh (2023), 830 GWh (2024) and 1,200 GWh (2025).

So far, it is unclear whether the manufacturer achieved its 2020 targets. The most recent annual statistics are from 2019, a year in which the Chinese company reached 32.5 GWh . With that capacity, CATL topped the list of largest battery cell manufacturers in 2019, ahead of Japan’s Panasonic (28.1 GWh) and South Korea’s LG Chem (12.4 GWh). The group’s success is mainly due to its strong position in the domestic market. CATL’s market share there grew to more than 51 per cent in 2019.

However, there are indications that the particular economic conditions of the first half of 2020 have shaken up the balance of power in the already dynamic electric vehicle battery market. Figures from SNE Research revealed over the summer that South Korean electric vehicle battery manufacturers more than doubled their market share between January and July 2020. In general, the market shrank 16.8 per cent from 64.1 to 53.3 GWh of capacity in the Corona-induced tough first seven months of the year.

At CATL, the expansion of production capacity is to be accompanied by expansion to Japan, Indonesia, the USA and Europe, with Germany playing a key role in the European market.............
https://www.electrive.com/2021/01/06/catl-t...acity-for-2021/
 
I just think the whole sector is in the too hard basket, so many of the current 'renewable' technologies have appalling environmental costs, solar being the worst, lithium batteries are hugely problematic, heavy, highly environmentally damaging and costly, Redflow batteries at least are reasonably friendly from an environmental perspective. I also see the whole sector as being very dynamic and subject to massive disruption - I really doubt EV's or Solar or local storage are the likely long term solutions. I think its probable that some new actually clean technology will be developed in the next decade.

Hence they all fail one of my metrics, do I have reasonable certainty that this business will still be viable in 10 years.
 
but who cares fact as long as the narrative is right, look at tesla?
 
The thing with flow batteries, they can be discharged to 0% and not have any adverse effect, if lithium batteries are heavily discharged, it reduces their lifespan considerably.
So in a static situation where movement isn't a concern, having a 10Kw/hr flow battery gives you pretty close to 10Kw/hrs, with lithium in reality a 10Kw/hr battery is really only probably a 6Kw/hr if you want it to last.
Just my understanding of it.
 
but Vanadium has to be 99.99% pure. ... or higher


(isn't Tesla an Esperanto word for Matterhorn?)
 
Thats true, but do you want house batteries that have to be replaced every 10years, or maybe never, just refurbished on site
 
qldfrog said:
Was actually thinking about their underperformance. whatever their merit, with the current narrative, they should have a crazy PE you know: green, power, batteries, new deal blablabla
Click to expand...
Lithium batteries are acknowledged everywhere – cars, RVs, homes, even the electricity grid. The problem for RFX is that “Redflex” or products ZCell and ZBM2 are not synonymous with anything and appear to onlookers as having specialised purpose.

A bit like a good product appearing to look for a market.
 
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