RED.L Share News (RED)

LONDON (Alliance News) - Energy storage solutions firm RedT Energy PLC said Monday it has finalised the design of its third-generation liquid energy storage machines, which aims to "provide customers with better power and efficiency performance with a smaller footprint and at a reduced cost".

The energy storage technology company said that having completed the design prototyping of its 3rd Generation cell stack, it now has engaged with its undisclosed manufacturing partner, "who provided positive feedback on the design philosophy". RedT expects to deliver the third-generation product to customers in the second half of 2018.

RedT said its 3rd Generation energy storage machines "represent a significant technological advancement, culminating from years of intensive development".

The company has started to pre-sell the new systems and is in late-stage negotiations with a number of customers. Its expects the first pre-orders to be announced shortly. The final stage customer selection for pre-orders reached EUR11 million for 195 units.

Meanwhile, RedT said sales of its current second-generation machines continues in line with market expectations.

"Our Gen 3 product will combine the best flow machine IP in existence with cutting edge design advancements, alongside millions of hours of machine operating experience and combined knowledge gained through decades of development by our team. We are proud to bring this high performance, low cost energy storage machine to a customer market which is hungry for reliable, durable energy storage infrastructure solutions," CEO Scott McGregor said.

In addition, RedT reported it is conducting intensive research and development activity within the fields of electrolyte development, self-learning system management software, innovative financing and leasing models for redT's products.

Shares in redT were down 7.6% at 6.35 pence on Monday morning.