Award of £750,000 funding grant by UK Government

RNS Number : 3149G

RedT Energy PLC

01 March 2018

 

This announcement contains inside information

1 March 2018

redT energy plc

("redT" or the "Company")

redT energy awarded £750,000 funding grant by UK Government

redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce the award of a £750,000 grant from the UK Government.

The award comes as part of an initiative aimed at UK-based companies which are at the forefront of energy market innovations. More information can be found via this link: https://www.gov.uk/guidance/funding-for-innovative-smart-energy-systems 

The grant will be used to accelerate the Company's research and development initiatives, including; stack development (increasing performance and reducing costs), production automation (using cutting-edge manufacturing processes), and further development of electrolyte. With the grant, redT will further reduce costs associated with its technology whilst increasing performance and accelerating the development of the Company's future generations of energy storage machine, with the Company's 3^rd Generation machines expected to be released later this year.

This continued support from the Government demonstrates the increasing significance of flow machine technology in the UK and highlights its growing importance as a long-term solution for the country's future energy system.

Scott McGregor, CEO, redT energy commented:

"We would like to thank the Government for their continued support at what we believe is a tipping point for energy storage in the UK.  Winning this grant demonstrates that redT is at the forefront of the energy storage industry, and shows that the Government is keen to support energy technologies that will help to decarbonise the UK economy. The funding will enable us to further develop our technology, by reducing cost whilst increasing performance at the same time, making flow machines an even more financially compelling proposition to our customers."

Enquiries:

redT energy plc	[phone]
Scott McGregor, Chief Executive Officer
Joe Worthington, Investor & Media Relations
Cenkos Securities (Nominated Advisor & Broker)	[phone]
Derrick Lee
VSA Capital (Investor Relations Advisor) Andrew Monk	[phone]
Celicourt Communications (Financial PR) Mark Antelme Jimmy Lea Ollie Mills	[phone]

Notes to Editors

About redT energy

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage systems which create revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has operating machines deployed with customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has offices in the UK, Africa and the USA. For more information, visit www.redTenergy.com

For sales, press or investor enquiries, please contact the redT team on [phone].

 

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