RedT Energy PLC redT signs partner agreements (9632Q)

TIDMRED

RNS Number : 9632Q

RedT Energy PLC

18 September 2017

This announcement contains inside information

18 September 2017

redT energy plc

("redT" or the "Company")

redT signs partner agreements including European and South East Asian Distributors, 12 units committed with over 300 unit pipeline

Sales and R&D teams strengthened by senior hires from key global competitor

redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce that it has signed partnership contracts including agreements with Central & Eastern European and South East Asian Distributors. Under these agreements, the partners plan to place redT energy storage machines into their existing qualified pipeline of in total, more than 300 units, whilst making an initial commitment for 12 redT units overall. The partners will also provide maintenance and after-sales care to customers in their respective regions. This move will enable the Company to rapidly expand into these new markets alongside experienced and well respected partners.

redT has also recently made two senior hires within the Sales and Research & Development divisions. Bengt Stahlschmidt has joined as Global Business Development Lead, alongside Adam Whitehead who has joined as Research Principle.

Bengt was responsible for more than 16MWh of flow machine sales during his time at Austrian-based flow machine company Gildemeister, where he held the position of Head of Global Sales. With over 12 years experience in the energy sector, Bengt will work closely with the wider redT sales team on progressing and executing final stage customer contracts, in addition to strengthening the active customer pipeline outlined in the recent Operations Update.

Adam also joined the Company from Gildemeister, where he held the position of Head of Research. He assumes a key, senior role within redT's Research & Development team and will work closely with the engineering team on further enhancing the performance of the Company's patented energy storage technology. Adam is a leading authority within the flow machine industry with over 15 years experience in the space and during his time at Gildemeister, oversaw more than 1.5 millon hours of global machine operation. To date, he is responsible for over 30 patents relating to energy storage, has a Ph.D. and a B.A Honours degree in Chemistry, and is a Member of the Electrochemical Society (ECS) and the International Society of Electrochemistry (ISE).

redT also notes the recent opening of proceedings for insolvency by GILDEMEISTER energy storage GmbH. The Company has always held a great deal of respect for Gildemeister's technology and staff and redT stands ready to assist with servicing and order fulfillment for any of their existing and potential customers who may be affected by recent developments.

Scott McGregor, CEO, commented:

"We are pleased to have attracted industry experts of the highest calibre in Bengt and Adam to join redT. We have now assembled world class commercial and technical teams at redT, which combine the best talent from two global leaders in the vanadium energy storage space.

redT's low cost vanadium energy storage machine is proving a very attractive solution for experienced developers in the energy storage market. We welcome our new partners and look forward to providing solutions to their customers in the near term."

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 
  Jimmy Lea 
  Ollie Mills                       [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 life of up to 25,000 full charge/discharge cycles 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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September 18, 2017 02:00 ET (06:00 GMT)