RedT Energy PLC Update on next generation product development (0623I)

TIDMRED

RNS Number : 0623I

RedT Energy PLC

19 March 2018

This announcement contains inside information

19 March 2018

redT energy plc

("redT" or the "Company")

Update on next generation product development and Gen 3 pre-orders

redT energy plc (AIM:RED), the energy storage solutions company, provides an update on development progress of its next generation energy storage machines.

redT is pleased to announce that design prototyping of its 3(rd) Generation ("Gen 3") cell stack is complete and has now been delivered to the Company's premises. With initial stack design completed, redT have now engaged with its Tier 1 global manufacturing partner, who provided positive feedback on the design philosophy, and the Company has made a commitment to tooling equipment. In line with previous announcements, the company expects to deliver its Gen 3 product in H2 2018.

redT's Gen 3 patented energy storage machines represent a significant technological advancement, culminating from years of intensive development. These advanced liquid energy storage machines will offer customers improved power and efficiency performance with a smaller footprint and at a reduced cost.

The Company has initiated the pre-selling process for Gen 3 systems and is in late stage negotiations with a number of customers. The Company expects the first Gen 3 pre-orders to be announced shortly.

redT's Gen 3 pre-order progress is detailed below.

 
 Final Stage Customer Selection   EUR11 million 
  for Gen 3 Pre-orders             (195 Units) 
-------------------------------  -------------- 
 

In parallel to Gen 3 pre-orders, sales of redT's current Gen 2 machines continues in line with market expectations.

The Company also notes the award of GBP750,000 from the UK government, announced on 1 March 2018, which has been a complementary factor and allowed redT to accelerate its research and development.

In parallel to Gen 3 product development, the company is also conducting intensive research and development activity within the fields of electrolyte development, self-learning system management software, innovative financing and leasing models for redT's products.

Scott McGregor, CEO, redT energy commented:

"Our Gen 3 product will combine the best flow machine IP in existence with cutting edge design advancements, alongside millions of hours of machine operating experience and combined knowledge gained through decades of development by our team. We are proud to bring this high performance, low cost energy storage machine to a customer market which is hungry for reliable, durable energy storage infrastructure solutions.

We firmly believe that our next generation machines will be an industry leading product and we look forward to updating stakeholders on our Gen 3 offering over the coming months.

I am also pleased with the continuing roll-out of our Gen 2 machine orders and pipeline."

Enquiries:

 
 redT energy plc                     [phone] 
 Scott McGregor, Chief Executive 
  Officer 
 Joe Worthington, Investor 
  & Media Relations 
 
 Cenkos Securities (Nominated 
  Advisor & Broker)                  [phone] 
 Derrick Lee 
  VSA Capital (Investor Relations 
   Advisor) 
   Andrew Monk/Andrew Raca            [phone] 
 
 Celicourt Communications 
  (Financial PR) 
  Mark Antelme 
  Jimmy Lea 
  Ollie Mills                        [phone] 
 
 

Notes to Editors

About redT energy

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage systems which create revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has operating machines deployed with customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has offices in the UK, Africa and the USA. For more information, visit www.redTenergy.com

For sales, press or investor enquiries, please contact the redT team on [phone].

This information is provided by RNS

The company news service from the London Stock Exchange

END

PRLJPMPTMBMBMMP

(END) Dow Jones Newswires

March 19, 2018 03:00 ET (07:00 GMT)