Former Irish Times Innovation Award winner RedT Energy has raised £5 million (€5.6m) from investors through a share placing in London. The AIM-listed company develops and supplies energy storage machines using a patented battery system it has developed.
The Irish company began as a research project called E-Fuel in 2000 that looked at refuelling vehicles with vanadium electrolyte. Later it shifted focus towards the much larger stationary energy storage market, where it still operates.
RedT said it raised £5 million through the placing of 71,903,366 ordinary shares of €0.01 each at a price of 7 pence per share. It said it intended to use the proceeds to continue developing its technology and to provide time to attract strategic partners to support and finance the continued growth of the business.
“The market for ‘infrastructure investment into renewables combined with storage’ has arrived, and is growing at an increasing rate into what is rapidly becoming a multi-billion pound market,” said chief executive Scott McGregor.
He said the company had made “major commercial advances” in recent months that have made it more attractive to partners.
“It is RedT’s aim to actively seek out one or more strategic partners with global reach to support and fund the significant opportunities we are successfully developing. This approach will de-risk delivery compared to funding growth solely from existing equity shareholders, who have been extremely supportive to date,” said Mr McGregor.
Emission reduction
The group, which listed in London in 2006, has developed over $1 billion of emission-reduction and clean energy projects around the world, as well as environmental software, energy efficiency, clean energy investment funds, biogas energy and sustainable development consulting.
Formerly known as Renewable Energy Dynamics Technology Limited, RedT was named Grant Thornton's "technology company of the year" at its annual quoted company awards ceremony in 2017.
Shares in the company were up over 5 per cent in early trading in London on Thursday.
