Zinc-bromine flow battery technology company Redflow has received a grant award and notice-to-proceed (NTP) for two projects in California, US, totalling 21.6MWh.
The US Department of Energy (DOE) has shortlisted the projects to receive US$325 million for long-duration energy storage (LDES), with technology providers including Energy Dome, Invinity, Form Energy and Redflow.
Australia-based zinc-bromine flow battery company Redflow, which has a market cap of nearly US$60 million, has halted stock market trading as it prepares a capital raise.
Redflow has reported a significant rise in revenues from its zinc-bromide flow batteries but the Australian company noted that it expects to remain “cash-flow negative for some time”.