MEDIA RELEASE 29/08/2024
- Economic and social benefits of long term development of the battery supply chain warrant continued support from investors and government during tight capital markets
- Flow batteries (with a range of chemistries) can play an essential role in the energy transition and provide manufacturing and mining jobs
- AMBC supports Redflow Limited in their efforts to go through Administration and we wish them all the best through this process.
The AMBC supports the long-term development of the Australian critical minerals and battery supply chain. Policy stability, support and commitment is especially required to enable company growth during the current very tight capital markets.
The unfortunate case of Redflow Limited entering administration with over $23 million in purchase orders (as per their 2023 Annual Report) and the inability to access the right capital shows the current difficulty faced by businesses in our industry.
The AMBC shares the ambitions of the Federal Government’s Future Made in Australia agenda, which seeks to maximise the economic and industrial benefits of the move to net zero while also securing Australia’s place in a changing global economic and strategic landscape.
While capital markets for battery development at this moment are tight, long term prospects for the battery supply chain are attractive as electrification of vehicles and renewable penetration of national electricity grids expands rapidly.
Long duration flow batteries are an essential part of an integrated energy system, an excellent remote storage solution and a compelling opportunity for local battery manufacturing.
Major companies and grid operators, including those in Australia’s National Energy Market are evaluating and installing various flow batteries because they are confident in the technology and believe they will provide cost savings.
The AMBC supports member Redflow Limited in their efforts to go through Administration and we wish them all the best through this process.
AMBC Chairman Craig Nicol said “We look forward to continued successful evaluation and deployment of a range of battery chemistries in Australia – including various flow batteries – as there are many applications where current lithium ion batteries are not optimal”.
“Flow batteries are essential because they store renewable energy allowing dispatch through the night over many thousands of cycles with a very high safety record. There are numerous flow batteries being developed and proposed to be manufactured in Australia that should continue to be supported to deliver economic and energy security benefits.” Mr Nicol said.
ABOUT FLOW BATTERIES
Flow batteries are ideally suited to time shift solar and wind generation to periods of low generation, including through the night. This is because their design allows for significantly longer duration storage (4-24hrs), longer life without degradation (potentially over 20 years) and very low fire risk.
ABOUT THE ADVANCED MATERIALS AND BATTERY COUNCIL
The AMBC is the leading battery and advanced materials not for profit industry association in Australia. The AMBC’s purpose is to support the development of a world class multi-technology battery and advanced materials industry supply chain across Australia.
Established in 2022, the industry and research led AMBC;
- provides a collective supply chain and ecosystem voice to help drive policy and knowledge sharing to grow the battery supply chain ecosystem.
- works to accelerate commercialisation and gain government, community and investor support necessary to nurture a sustainable new industry by consolidating and extending collaboration between battery supply chain entrepreneurs, universities and government.
With growing membership giving increasing access to Government, the AMBC is focused on partnerships to create a sustainable industry ecosystem, promoting the needs of its members and becoming the pre-eminent voice for the sector.
For and on Behalf of the Board
ENDS
For enquiries contact
Quentin Hill
p. 0423 968 786
e. quentin.hill@ambc.au