- Battery manufacturer Redflow (RFX) is set to receive considerable support for its entitlement offer from a major shareholder
- The company’s largest shareholder, Simon Hackett, will subscribe for $450,000 worth of entitlements under the offer
- Redflow has welcomed this display of support from Simon, who is also the company’s System Integration Architect
- The company is currently focused on developing and manufacturing its Gen3 battery, which is slated for production in early 2021
- Redflow shares are grey on the market today, last trading for 2.4 cents each
Battery manufacturer, Redflow (RFX) is set to receive considerable support for its Entitlement Offer from a major shareholder.
The company’s largest shareholder, Simon Hackett, is going to subscribe for $450,000 worth of entitlements under the offer.
Simon has been one of Redflow’s major shareholders and customers for the last six years. He is also the company’s System Integration Architect, a role which involves him in technically developing Redflow’s energy storage solutions.
The company is currently focused on developing and manufacturing its Gen3 battery. Simon said that he was pleased to continue supporting Redflow to achieve its goals.
“Redflow’s current focus to build the new Gen3 stack is key to delivering these batteries at high-volume manufacturing, at a significantly reduced cost," he said.
“Once complete, it will further expand Redflow’s opportunity in the telecommunications sector and other target markets," Simon continued.
“There has never been a better time than now to build effective energy storage solutions, and Redflow has a huge part to play in this future,” he said.
Redflow’s Managing Director and CEO, Tim Harris, commented on this welcome demonstration of support from Simon.
“Having substantially grown sales over the past 12 months, Redflow is well-positioned to secure further sales through the accelerated development and manufacturing of the company’s Gen3 battery, slated for production in early 2021. We appreciate the continued support from our major shareholder Simon Hackett, as we focus on materially accelerating our growth strategy," Tim explained.
“Redflow’s Board continues to be confident in the company’s commercialisation opportunities, and each Director have agreed to participate in the Entitlement Offer,” he said.
Redflow shares are grey on the market today, last trading for 2.4 cents each at 11:24 am AEST.