Redflow to raise $18m to boost battery sales
Brisbane based battery manufacturer Redflow (ASX: RFX) is set to raise $18.1 million in equity capital to rapidly scale up the manufacture and sales of its battery systems.
The company will raise the funds through a combination of a $7.5 million placement to new investors and a $10.6 million fully underwritten rights issue offered to all current shareholders.
This latest round of capital raising follows significant action from the company, including building a new manufacturing plant in Thailand.
The production of Redflow products has rapidly scale up as a result and increased in quality too according to chairman Brett Johnson (pictured).
"We now have the ability to manufacture and supply quality batteries in predictable quantities," says Johnson.
The company plans to increase its manufacturing capacity in Thailand to be able to build as many as 90 complete batteries a month by June 2018, and 250 batteries by December 2018.
The company also announced the new appointment of Tim Harris as chief executive officer. Read more
David Simmons - Business News Australia - 26 Apr 2018