Internode founder, Simon Hackett, has continued his investment spree with the purchase $2.2 million in share of ASX-listed battery storage developer RedFlow.
The splurge follows his funding of a new class of electric car (eV Race Systems), the purchase of 40 per cent of Cloudhosting company UltraServe and a stake in aviation software company AvSoft.
The latest investment, Brisbane-based RedFlow (ASX:RFX) is a leading developer and manufacturer of zinc-bromide flow batteries.
Its core product is a modular 3kW continuous/8kWh zinc-bromide battery module, which is designed to be at the core of electrical energy storage and delivery systems for a range of stationary applications.
RedFlow has deployed more than 150 ZBMs in the field in a number of different electricity storage applications in Australia, USA and New Zealand.
Hackett, who is currently a director of NBN Co, is widely recognised as an innovator and successful early adopter of new technology. Simon’s other recent investments include stakes in cloud hosting company UltraServe, Electric Vehicle company eVRS, and aviation software company AvSoft.
Hackett said RedFlow’s products had the potential to become a global gamechanger for the energy industry.
“The timing for this investment is right,” he said.
“For years, I’ve followed developments in the energy storage market. Effective energy storage is the game-changer for the renewable energy sector.Read more: iiNet appoints two new directors
RedFlow ZBM uses readily available source materials that make it capable of high volume production without relying on the supply of ‘rare earth’ elements.
After a long period of research and development work to create the ZBM solution, RedFlow is now on the cusp of full commercial production of their battery systems.
RedFlow Limited overnight announced to the Australian Stock Exchange that Simon will undertake a share purchase worth approximately $2.2 million.
This investment will make him the single largest shareholder in RedFlow, with a stake of more than nine per cent of the issued shares of the company.
Hackett has also agreed to take up his full allocation of RedFlow’s planned rights issue to existing stockholders that aims to raise around $5.6 million in additional capital for the company during the next few weeks.
RedFlow Chairman Howard Stack welcomed Simon Hackett as a major shareholder in the company.
“Simon’s experience and passion for the telco and energy sectors will be valuable to the company,” he said.
“Following a restructure in 2012, and considerable improvements in the battery quality and performance of our ZBM product since then, RedFlow is ready to begin commercialising its core product in a rapidly-growing market.”Read more: Hackett and Myer inject $5 million into BlueChilli