Redflow hot as it unveils battery plan
SHARES in Brisbane-based Redflow shot 24 per cent higher yesterday on news it will develop its battery technology for residential and small business customers.
The move will pit it against US giant Tesla which is the market leader in rechargeable battery technology for domestic consumption.
Redflow chairman Simon Hackett intends to develop the battery management system at his business incubator, Base 64, in Adelaide. He said the small business and residential markets for power storage were generating interest.
“Redflow has received substantial interest from potential customers asking us to enter these market segments,’’ Mr Hackett said.
Redflow shares surged up 4.5 to close at 23¢ yesterday.