LONDON (Alliance News) - redT Energy PLC on Monday said it has signed heads of terms to partner with Statkraft to provide a "solar plus storage" solution to UK commercial and industrial customers.
Shares in redT were trading 39% higher on Monday at 1.70 pence each.
The energy storage company said UK commercial and industrial energy users will be able to benefit from up to 20% forecast savings on their energy costs over a 25 year power purchase agreement, by installing solar panels and redT flow machines at their sites, without the need to pay upfront capital.
By combining redT's energy storage infrastructure with a long term corporate power purchase agreement for the solar and storage, provided by Statkraft, customers can benefit from energy savings based on maximising the use of low cost solar power and reducing exposure to volatile energy prices, redT said.
"Together we are breaking new ground in the energy industry with this unique, fully financed decentralised energy solution designed specifically for the UK commercial and industrial sector to reduce energy costs," said redT Executive Chair Neil O'Brien.
In addition, the company said its discussions with potential strategic investors are progressing well and it intends to update the market in "due course".
