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AIM-listed power storage firm Redt Energy (LON:RED) has seen its share price drop by 10.63% to 5.68p (as of 14:00 GMT) after the company announced that the financial close of the first part of its German portfolio would be delayed into the New Year. The company also said that it expected the current abnormally high price of Vanadium to normalise in the medium term, but that until that time, electrolyte rental options will allow the firm to continue offering competitive rates.
CEO Scott McGregor commented: “As demonstrated by our recent activities, redT’s underlying business is performing very well across all functions. Commercially, our teams have maintained sharp focus on specific applications for energy storage where there is a real ability to unlock more cheap renewables and energy cost savings. This has enabled redT to develop a strong pipeline and credible traction with key infrastructure investors and stakeholders in the energy sector.
“From a technical perspective, our Gen 2 technology has been delivered successfully and is now operational in the UK, Australia, Africa and South East Asia. Manufacturing of our Gen 3 product is on schedule with the first customer system now nearing completion. We are looking forward to inviting our investors and customers to a showcase event in the New Year where we plan to demonstrate the improved capabilities of this market leading product.
“RedT has achieved a lot this year in successfully differentiating itself in the energy storage sector and delivering our solutions into different applications around the globe. I’d like to thank the team for all their efforts this year and our partners and investors for their continued support.
“In 2019, we look forward to attracting strategic investment partners, rolling out our financed C&I PV & energy storage solution and delivering our large, grid scale “mega” projects.“