VRFB firm RedT Energy raises £3.85m from institutional share sale

VRFB firm RedT Energy raises £3.85m from institutional share sale

VRFB firm RedT Energy raises £3.85m from institutional share sale Energy Storage Journal

Vanadium flow battery maker RedT Energy announced on April 13 it had raised £3.85 million ($5.2 million) from the sale of around 10% of the UK company’s shares at 5.9 pence each.

Proceeds from the sale will be used in the continued growth of the business, including the development of further product generations to satisfy the company’s orders and pipeline of customer interest.

Andrew Raca, a joint broker at VSA Capital, told ESJB: “Another part of the story is we placed with over 30 institutional investors giving the company a strong shareholder base of leading institutions in the UK. It’s an important step in the development of the company as far as investor support is concerned.”

On March 30 the company announced it had been chosen to supply a 600kW/3MWh system for a European Union backed initiative for a large-scale tidal generation plant. However, the project remains subject to finance and formal contracts.

The company has also completed the design of the latest version of its cell technology, which it says is slated for delivery in the second half of this year.

On March 1 the company confirmed it had been awarded £750,000 by the UK government, which RedT is using to accelerate research and development of its stacks, production automation and its vanadium electrolyte.

In the Winter edition of ESJ we spoke to RedT’s CEO Scott McGregor about the company’s position to capitalize on the new energy markets. Read the full profile here.