Search Share Prices
RedT's innovations given energy boost by £750,000 government grant
Energy storage technology company RedT Energy has been awarded a £750,000 grant from the UK government, the company announced on Thursday.
The grant, which is part of an initiative aimed at funding UK-based companies that are at the forefront of energy market innovation, will be used to accelerate research and development initiatives by the AIM-traded company.
RedT has developed a proprietary liquid storage technology over the past 15 years, creating energy storage machines that can be used continually with no performance loss. This enables charging and discharging for the lifespan of solar and wind assets and, the company says, means the machines address the weaknesses of conventional lithium or lead-acid batteries through their durability, sustainability, cost-effectiveness and 25-year lifespan.
Scott McGregor, chief executive of RedT Energy, said: "We would like to thank the government for their continued support at what we believe is a tipping point for energy storage in the UK. Winning this grant demonstrates that RedT is at the forefront of the energy storage industry, and shows that the government is keen to support energy technologies that will help to decarbonise the UK economy."
The company's initiatives include stack development, which increases performance and reduces costs, protection automation using cutting-edge manufacturing processes and further development of electrolyte. With accelerated development RedT said it expected its third-generation energy storage machines to be released later this year.
"The funding will enable us to further develop our technology, by reducing cost whilst increasing performance at the same time, making flow machines an even more financially compelling proposition to our customers," said McGregor.
As of 1127 GMT, RedT Energy's shares were up 4.64% at 7.22p