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RedT Energy shares jump as it launches third generation flow machine

Published: 10:53 20 Jun 2018 BST

redt energy storage container
RedT said the machines are optimised for industrial applications requiring 100kW to 2MW of power and four to six hours energy capacity

redT Energy PLC (LON:RED) shares jumped on Wednesday as the energy storage solutions company formally launched its third generation (Gen 3) flow machine at eeS Europe in Munich.

The AIM-listed firm said Gen 3 utilises unique, technical functionality embedded in its design to achieve maximum performance and financial returns for customers.

READ: Energy storage group redT raises £3.85mln through oversubscribed placing

redT said the machines are optimised for industrial applications requiring 100kW to 2MW of power and four to six hours energy capacity.

“This makes the technology ideal for coupling with renewable assets including solar, wind and tidal to maximise customer’s use of cheap renewable energy and reduce energy costs significantly,” the company said.

The Gen 3 also has specific designed functionality to enhance grid scale storage returns for energy trading and grid services while delivering a fully flexible asset for investors.

Scott McGregor, CEO of the company, said: “Our dedicated design team have worked diligently to embed advanced functionality into Gen 3 and they have delivered a technically superior product, purpose built to unlock more cheap renewable energy, generate enhanced returns for grid storage and save more money on energy costs.”  

In morning trading, redT's shares jumped 13.8% to 6.35p.

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