Energy storage firm RedT raises £3.2m

RedT the AIM-listed company attempting to scale its vanadium redox flow storage technology has raised £3.2m.

The company announced the fundraise last month via placing and share offer with £1.5m the minimum requirement.

RedT is restructuring and said it needs working capital to get through the next few months and fulfil orders, which it says are significant.

Last month the company announced a partnership with Statkraft, the Norwegian-stated owned energy company that has rapidly amassed a gigawatt scale UK virtual power plant.

Statkraft, which also has a fast-growing B2B energy supply company, Bryt Energy, is able to fund installations for customers, and uses algorithms to trade flexibility within wholesale and balancing markets.

RedT is also a supplier for the Oxford ‘superhub’, which aims to develop a 48MW/2MW lithium-flow hybrid battery.

RedT’s recent announcements coincide with its AGM, taking place today, where shareholders will be asked to approve the placing and offer.

Source: theenergyst