UK-based energy storage firm redT has received a conditional commitment from an energy infrastructure fund to invest around €37 million (US$43.5m) with partners for grid-scale energy storage in Germany.
The company told the London Stock Exchange the investment represented 100% financing of the first project to be deployed of a total 700 megawatt-hours portfolio announced earlier this year.
This first project will use 800 redT units with a combined capacity of approximately 60MWh to supply secondary control reserve and other grid services to the German and Austrian market, redT said.
Financial close of the deal is expected by the end of this year.
CEO Scott McGregor said: “We are pleased to move forward on the first phase of our German grid-scale project with a finance partner who has moved swiftly to get involved.”
“We have now achieved two key milestones. Firstly, validation of our Gen 3 product for large grid-scale storage applications and secondly, proven that energy storage projects are a sought after asset category by infrastructure funders.”
