LONDON (Alliance News) - Shares in redT Energy PLC rose on Wednesday as it agreed to supply flow machines for its first UK grid-scale, "front of the meter" project in Oxford, UK.
Shares in the energy storage firm rose 18% at 2.30 pence on Wednesday.
The Energy Superhub Oxford project is a lithium and vanadium hybrid energy storage system, which will include an electric vehicle charging network.
RedT will supply 72 flow machines, providing five megawatt hours for the project to be hybridised with a 50 megawatt hour lithium battery system and connected at transmission level to support an electric vehicle charging network consisting of 100 chargers.
The project will be located near the Cowley substation, subject to the receipt of planning permission, and is due for delivery across 2019 and 2020.
RedT is taking part in the project as part of a consortium consisting of Oxford City Council, University of Oxford, energy developers Pivot Power LLP, Habitat Energy Ltd and heat pump supplier Kensa Contracting Ltd.
"We're pleased to update our shareholders on the details of our first UK grid-scale project. This will be the largest deployment to date of our technology in the UK and a significant achievement for redT," said Executive Chair Neil O'Brien.
