Management Team Update and Board Changes

RNS Number : 6296H

RedT Energy PLC

14 March 2018

 

This announcement contains inside information

14 March 2018

redT energy plc

("redT" or the "Company")

Management Team Update and Board Changes

redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce the appointment of Fraser Welham to the Board of the Company and to the role of Chief Financial Officer of redT, with effect from  3^rd April  2018.  In addition, David Stewart has been promoted to the role of Chief Operating Officer and Jean-Louis Cols appointed as Technology Director. 

Prior to joining redT, Fraser was a Managing Director, Finance at The Green Investment Group, formerly the UK Green Investment Bank, having previously spent five years as Group Finance Director of Element Power, a private equity owned global, utility-scale, solar and wind renewable energy developer.  Before this, he spent 14 years at Shanks Group PLC a LSE-listed waste management company, where he became Group Finance Director during the period in which the company was in the FTSE 250. Fraser is an ICAEW Chartered Accountant and holds a BSc (Eng) First Class Honours degree in Mechanical Engineering from Kings College London.

Fraser brings a wealth of experience of project finance in the renewable energy sector, which is core relevant experience that will further enable redT's customers to embrace energy storage.  He also has significant experience managing City relationships, having led the finance function at a FTSE 250 listed business.

David Stewart, who joined redT one year ago as Commercial Director and was appointed to the Board of redT in April 2017, has been promoted to the role of Chief Operating Officer. David was formerly the Director for Strategic Investment at Jabil Circuit Inc. (NYSE: JBL) and has extensive experience working with high growth technology product businesses including Hewlett Packard.

Jean-Louis Cols joined redT at the start of this year in the role of Technology Director and brings with him over 25 years experience in Technology and Product Development, relevant to the current stage of redT's growth. He has managed complex R&D and product development teams in fuel cells and energy storage systems for the last 5 years with Logan Energy and Intelligent Energy. Prior to this, he led successful technology product launches in the semiconductor, consumer electronics and aerospace industries with companies such as Texas Instruments and Ericsson.

Scott Laird will be stepping down from the Board on 3^rd April 2018 and as Finance Director on 30th April.  During his 3-year tenure, Scott implemented strong financial controls within redT's business, oversaw the raising of institutional capital, ensured full regulatory compliance, and built a quality finance team, all of which has been crucial during the early stage growth of redT. He has also provided valuable contributions to redT's management team and as a member of the Board.  Scott will ensure an orderly handover of responsibilities to Fraser in due course.

Scott McGregor, CEO of redT said:

"I'm very excited to have assembled a management team of this calibre at redT. The collective experience and knowledge base of our executive team is first class and demonstrates our leading position in the energy storage sector.  This announcement shows our ability to recruit best in class personnel and our determination to utilise the best resources from other sectors to capture the market opportunity in front of us.

I would also like to thank Scott Laird for his dedicated efforts over the past three years. His hard work and commitment in establishing the financial structure of the Company and ensuring strict financial discipline during redT's early growth phase has been an invaluable factor in the continued success of the company and we wish him every success in his future endeavours."

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of Mr Welham.

Full name:	Fraser Andrew Norton Welham
Age:	53
Current Directorships / Partnerships:	F Welham Consulting Ltd
Former Directorships / Partnerships	Element Power Asset Management Limited
(within the last 5 years):	Element Power Chile S.A.
	Element Power Finland Developments Oy
	Element Power Ireland Development Limited
	Element Power Ireland Finance Limited
	Element Power Ireland Limited
	Element Power Ireland
	Project Company Limited
	Element Power Limited
	Element Power Polska SP. Z o.o
	Element Power Sweden AB
	EPCL Element Power Cyprus Limited
	EPCL2 Element Power Cyprus 2 Limited
	Greenwire Energy Limited
	Greenwire Limited
	Hudson Element Power GP, LLC
	lipuisto Oy
	Monashee Windfarm Limited
	Parque Eolico Arauco S.A
	RDS Element Power Limited
	Tullymurdoch Limited
	Otsotuuli Oy * Element Power Cattiva Holdings S.a.r.I Element Power Hellas, S.A. Granskog Vindkraft AB Julkuvaaran Tuulivoima Oy Korvennevan Tuulivoima Oy Mikonkeitaan Tuulivoima Oy Hiperion Energy, S.L. Element Power G.P S.a.r.l Element Power Holdings B V. Element Power Northern Europe Developments Limited
	* Alternate Director

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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