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Thursday 25 July 2024

Redflow (ASX: RFX): Partners with Queensland’s largest energy generator

Redflow Limited (ASX: RFX), a global leader in clean energy storage, is pleased to announce that it has made a significant step towards delivering local manufacturing through the signing of a Memorandum of Understanding (MOU) with Queensland’s largest energy generator, Stanwell Corporation (Stanwell).

Stanwell is wholly owned by the Queensland Government and is a major provider of electricity and energy solutions to Queensland, the National Electricity Market and large energy users throughout Australia.

The first stage is for Stanwell and Redflow to conduct an initial due diligence pre-feasibility study for an initial 5 MWh project using Redflow’s new X10 battery at Stanwell’s FEITH near Rockhampton, Queensland. During the feasibility study, the parties will also negotiate definitive legal project agreements for the supply, installation and operation of the 5 MWh X10 battery project.

The feasibility study is scheduled to be completed in the second half of 2024, followed by a decision to proceed with the project which is expected to be deployed in the first half of 2025.

The parties have agreed and defined indicative project pathway stages to advance their collaboration as defined in the MOU. Each stage is conditional on the successful completion of the previous stages.

Highlights:

• The MOU sets out Redflow’s and Stanwell’s intention to collaborate on the development and deployment of Redflow’s X10 battery for use in a 400 MWh large-scale project, which will serve as a potential anchor order for Redflow’s planned manufacturing facility in Queensland.

• An initial feasibility study will conduct technical and commercial due diligence for a 5 MWh X10 battery project at the Stanwell Future Energy Innovation Training Hub (FEITH).

Commentary:

Redflow CEO and Managing Director Tim Harris is thrilled that Redflow is partnering with Stanwell Corporation to further develop Redflow’s technology.

“Stanwell is a leader in developing renewable energy solutions to accelerate Queensland’s energy transition and we are excited to be partnering with them on these studies and initial project to further advance our new X10 product,” Mr Harris said.

ASX announcement:

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