RedT Energy PLC First redT Gen 2 machine dispatched (1246Q)

TIDMRED

RNS Number : 1246Q

RedT Energy PLC

25 November 2016

redT energy plc

("redT" or the "Company")

First redT Gen 2 machine dispatched from manufacturing facility

Further Gen 2 machine sold to University of Strathclyde

redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce that its first Gen 2 energy storage machine has been manufactured and shipped to the Company's development centre. The 5kW, 20kWh machine will be commissioned and used for customer demonstrations and training at the Company's Wokingham-based development site. A second, larger Gen 2 15kW, 75kWh machine is currently being manufactured for redT's customer, the Thaba Eco hotel, which is located in Johannesburg, South Africa.

By incorporating the knowledge obtained from redT's Gen 1 market seeding programme, the Company's production and engineering team have been able to make substantial cost reductions and achieve a market competitive system price, starting at $490/kWh for its Gen 2 energy storage machines.

redT is also pleased to announce an additional commercial sale of a Gen 2 energy storage machine to University of Strathclyde. The 5kW, 20kWh machine will be used as part of a joint project between Gaia Wind and University of Strathclyde at a site in Glasgow, Scotland. The unit will be used alongside a grid connected renewables project to demonstrate the benefits redT's energy storage machines can provide Gaia Wind's commercial customers.

Given the level of customer interest redT has seen to date for its Gen 2 units, the Company continues to focus on the full-scale roll-out of its Gen 2 machines into key application markets over the coming months.

Scott McGregor, CEO of redT said,

"I am pleased to report that we have now manufactured and shipped our first Gen 2 energy storage machine. This is one of the cheapest containerised Vanadium Redox Flow Machines available on the market today and we believe that this price point, starting at $490/kWh, is sufficient to unlock the market for large scale, commercial energy storage in the UK, Europe and Africa.

We continue to see a considerable amount of customer interest as we now focus on the sales and marketing of our Gen 2 machines."

Enquiries:

 
 redT energy plc                    [phone] 
 Scott McGregor, Chief Executive 
  Officer 
 Joe Worthington, Investor 
  & Media Relations 
 
 Cenkos Securities plc              [phone] 
 Nick Tulloch                       [phone] 
 Derrick Lee 
 
 Celicourt (Financial PR) 
  Mark Antelme 
  Joanna Boon 
  Jimmy Lea                         [phone] 
 
 

Notes to Editors

About redT energy

redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long system life of up to 25 years and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.

Until now it has not been possible to directly compare variable renewable energy generation sources with diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT energy storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:

http://www.redtenergy.com/register-interest

For sales enquiries, please email [e-mail] or call [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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November 25, 2016 02:00 ET (07:00 GMT)