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redT to supply 72 energy storage units to world-first energy project in Oxford

Published: 10:25 03 Apr 2019 BST

redt energy storage
The batteries look like shipping containers

RedT Energy PLC (LON:RED) shares powered higher on Wednesday after confirming its role in a world-first energy project.

The AIM company will install 72 of its energy storage units at the Energy Superhub Oxford – a £41mln government-backed project aimed at making Oxford the UK’s first zero-emissions city.

redT’s gigantic batteries will help to power 100 ultra-rapid and fast electric chargers.

“We're pleased to update our shareholders on the details of our first UK grid-scale project,” said chairman Neil O’Brien.

“This will be the largest deployment to date of our technology in the UK and a significant achievement for redT.”

Shares rose 14.1% to 2.23p on Wednesday morning.

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