Redflow, the Australian flow battery company, has ceased operations in Australia after administrators failed to find a buyer for the failed company.
David Orr of Deloitte said in a statement to the Australian Securities Exchange (ASX) the Administrators have been undertaking an assessment of the financial viability of the Redflow Group, whilst attempting to seek a sale and/or recapitalisation while trading on a business-as-usual basis.
They did not identify a viable transaction to allow the business to continue as a going concern. It means operations in Australia have now ceased, although the administrators are seeking to sell Redflow’s IP and assets.
Redflow made zinc-bromine flow batteries and was planning a new model, the X10. It went into administration in August after failing to attract enough investment to fund a factory to build the X10 at scale.