RedEarth Energy Storage raises $12 million in oversubscribed pre-IPO offering ahead of a proposed ASX listing
Highlights:
- Oversubscribed and expanded institutional pre IPO offering of $12million completed
- Investors include Ord Minnett Private Capital; Perennial Value and Thorney
- IPO planned for 2022, providing investors with a new way to participate in the growth in renewable energy
- Funds being used to finalise new customer offerings to monetise renewable electricity and scale existing operations
Homegrown renewables company RedEarth Energy Storage (RedEarth) announces today a $12 million AUD oversubscribed pre-IPO funding round led by Ord Minnett Private Opportunities Fund to fund the company to an ASX listing in 2022.
RedEarth launched its Personal Power Plant (PPP) last year, to further empower customers to make money from their investment in renewables, not just to save money on their electricity bill. RedEarth’s products and technology focus is on the household and business. It will form a critical element in the mass distribution of renewables, making Australia self sufficient in green energy.
The Australian-owned company has developed its own integrated technology stack and has established a network of 1,000 systems hardened in the field since 2013. It has raised funds to continue its fleet expansion and enable its customers to monetise electricity by optimising their battery usage with RedEarth technology. Early field trials show returns of up to 15x those generated by solar feed-in tariffs. Its systems are designed to be modular and scalable so as to serve the evolving needs of customers as more things become electric.
The company has experienced over 60% quarter-on-quarter growth in revenue for the last thirteen quarters, with the expansion of distributed energy storage adoption a very significant tailwind. Investment interest is high with the recent round being significantly oversubscribed. As one of the only mainstream Australian-owned and made options in the renewables space, RedEarth intends to pursue a listing on the ASX to enable its customers and investors to own shares in a company that serves them and their evolving energy needs.
RedEarth will use the funding to further accelerate its local manufacturing, sales, and marketing efforts, as well as specific research and development to finalise its electricity monetisation technologies ahead of listing.
Charles Walker, Co-Founder and CEO of RedEarth 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.”
Trent Donnelly, Director of Ord Minnett Private Capital said “We are pleased to be supporting RedEarth in this next stage of its growth. The investment in RedEarth presents a unique opportunity to partner with an Australian business actively participating in the decarbonisation of the economy and offering customers the opportunity to take greater control, and to financially benefit from their investment in renewable energy. We look forward to continuing to support RedEarth on its growth journey”.
Chris Winter, Co-Founder and CTO of RedEarth said “The way the world generates, distributes and uses electricity is undergoing fundamental change right now. RedEarth is at the forefront of that change with our fully vertically integrated offerings for both on-grid and off-grid customers. We plan to make significant reinvestments in additional research and development as RedEarth grows, to ensure the company’s products remain at the forefront of Australia’s growing sustainable energy needs.”
Founded in 2013, RedEarth is one of Australia’s first owned and operated domestic producers of energy storage systems for residential, commercial and industrial use with the only approved battery (“Troppo”) and integrated off-grid system (“BlackMax”) on Australia’s Clean Energy Council list.
Source: redearth.energy
