RedT Energy PLC Board Changes (0560D)

TIDMRED

RNS Number : 0560D

RedT Energy PLC

24 April 2017

24 April 2017

redT energy plc

("redT" or the "Company")

Board Changes

redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce the appointment of Scott Laird, Finance Director, and David Stewart, Commercial Director, to the Board effective from 25(th) April 2017. The Company also announces that Zainul Rahim has indicated his intention to step down from his role as a Non-Executive Director at the next AGM.

Scott Laird

Scott joined redT in 2015 and has played a key role in establishing the financial structure of the Company and ensuring tight financial control during the early growth phase. Scott was previously Financial Controller of Energy Assets plc during which he oversaw a successful high growth phase similar to that of redT. Before that, Scott was Finance Manager at Harsco Corporation. Scott is a qualified accountant and member of the Chartered Institute of Management Accountants.

David Stewart

David joined redT earlier this year and has taken on a pivotal role leading redT's Commercial Sales, Software, Customer Support and Implementation teams. David was formerly the Director for Strategic Investment at Jabil Circuit Inc. and has extensive experience working with high growth technology product businesses such as; Hewlett Packard, Keysight and Oracle ERP Implementation. David has a BEng in Electrical & Electronic Engineering from Edinburgh Napier University.

Jeff Kenna, Chairman of redT commented:

"We are extremely pleased to welcome both Scott and David to the Board of redT. Scott has been invaluable during his time at the Company and David has made a significant impact since he joined. I look forward to working with them as we look to capitalise on our position as a market leader in the energy storage sector.

I would also like to thank Zainul Rahim for his contribution to the Company over the past five years. He has played a pivotal role in redT's corporate development and we wish him all the best in his future endeavours."

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of Mr Laird and Mr Stewart.

 
 Full name:                Scott James Neilson    David Stewart 
                            Laird 
------------------------  ---------------------  -------------------- 
 Age:                      35                     48 
------------------------  ---------------------  -------------------- 
 Current Directorships:    Camco Services         None 
                            UK Ltd 
------------------------  ---------------------  -------------------- 
                           Camco Sales Ltd 
------------------------  ---------------------  -------------------- 
                           Camco Holdings 
                            UK Ltd 
                          --------------------- 
                           Renewable Energy 
                            Dynamics Technology 
                            UK Ltd 
                          --------------------- 
                           Re-Fuel Technology 
                            Ltd 
                          --------------------- 
                           redT energy Ltd 
------------------------  ---------------------  -------------------- 
 Shareholding in           Mr Laird holds         Mr Stewart holds 
  the Company:              3,779,661 options      4,000,000 options 
                            over ordinary          over ordinary 
                            shares in the          shares in the 
                            Company, which         Company, which 
                            were awarded under     were awarded under 
                            the 2015 redT          the 2015 redT 
                            Employee Share         Employee Share 
                            Plan and are yet       Plan and are yet 
                            to vest                to vest 
------------------------  ---------------------  -------------------- 
 

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 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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April 24, 2017 02:10 ET (06:10 GMT)