LONDON (Alliance News) - RedT Energy PLC said Monday that a energy infrastructure fund has committed to invest EUR37 million to finance a grid-scale energy storage project in Germany.
Shares in the energy storage solutions company were trading 8.4% higher at 9.22 pence each.
The project will use 800 redT units, with a combined capacity of approximately 60 megawatts per hour, to supply secondary control reserve and other grid services to the German and Austrian markets, the company said.
Chief Executive Officer Scott McGregor said: "We are pleased to move forward on the first phase of our German grid-scale project with a finance partner who has moved swiftly to get involved."
