Redflow (ASX:RFX) and its Australian subsidiaries - Voluntary Administration

Brisbane-headquartered battery manufacturer Redflow (ASX:RFX) and its Australian subsidiaries entered voluntary administration on 23 August after failing to attract the required equity to pursue a strategic plan to develop a larger scale X10 battery.

Following “significant commercial interest”, Redflow proposed a new factory be built and commissioned in Queensland to manufacture the X10 batteries at scale. Government support had reportedly been received for the plan, but Redflow required significant “matching funding” from the Australian capital markets to access the government funding, which it ultimately was not able to secure.

Richard Hughes and David Orr of Deloitte were appointed as voluntary administrators, and are in the process of reviewing Redflow's business and financial position before making recommendations as to the future of the company. The business is continuing to trade in the meantime, but the company’s shares have been suspended from trade.