RedEarth battery manufacturing raises $12 million

Solar battery system manufacturer RedEarth Energy Storage has raised $12 million from investors in preparation for a stock exchange listing planned for next year.

The capital raising for the Brisbane company was led by Ord Minnett Private Capital, Perennial Value and Thorney Investments and will be used for R&D and to boost manufacturing capacity.

RedEarth manufactures home and business battery systems and launched its Personal Power Plant (PPP) last year.

CEO Charles Walker said: “We are committed to our vision of continuing to empower our customers with new possibilities of not only saving money by switching to solar electricity but making money.

“This is unique in an industry dominated by partial foreign offerings.”

Founded in 2013, the technology enables customers to monetise electricity by optimising their battery usage.

“Field trials show returns of up to 15 times those generated by solar feed-in tariffs.

“Systems are designed to be modular and scalable so as to serve the evolving needs of customers as more things become electric.”

RedEarth said it had experienced over 60 per cent quarter-on-quarter growth in revenue for the last thirteen quarters.

Picture: Fortescue Future Industries

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