RedT Energy PLC redT signs partner agreements (9632Q)
September 18 2017 - 2:00AM
UK Regulatory
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 +44 (0)207 061 6233
Scott McGregor, Chief Executive
Officer
Joe Worthington, Investor
& Media Relations
Cenkos Securities plc +44 131 220 9772
Nick Tulloch +44 131 220 9100
Derrick Lee
Celicourt (Financial PR)
Mark Antelme
Jimmy Lea
Ollie Mills +44 (0)20 7520 9266
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 enquiries@redtenergy.com or
call +44 (0) 207 061 6233
This information is provided by RNS
The company news service from the London Stock Exchange
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