UK-based energy storage firm redT has raised GBP3.85 million ($5.5m) gross to boost the firm’s development through a cash placing.
The company said in a London Stock Exchange on 13 April announcement it would use the boost to underpin the growth of its business—including the development of new products.
CEO Scott McGregor (pictured) said: “We are delighted with the interest we have received for this placing both from existing and new institutional investors.”
McGregor said the company “is now leading the energy storage sector in the UK, providing secure economic returns for the commercial sector to embrace distributed energy by coupling solar generation with energy storage”
“The placing ensures that we have the resources in place to capture the significant global market opportunity in front of us,” McGregor added.
BBB reported last month that redT had been chosen as the “primary energy storage technology provider” for a large-scale tidal generation project in the UK.
The company said a consortium of European firms was behind the project— for which a redT 0.6MW / 3MWh vanadium redox flow machine system had been selected to demonstrate the technical and financial feasibility of using tidal energy plus energy storage “to provide reliable, renewable baseload energy”.