Pinecone . It is a strange position to be for me.RED is now a pure play flow battery company that now has an apparent growth in potential sales opportunities compared to when I invested 3.5 years ago but a share price 7 percent of its peak under the RED share ticker. I guess the hope of those big sales by the investors in the short term are pretty well dashed and share price (before suspension) suggested few people believe it is a bankable proposition. The merger or reverse takeover wants the shareholders to stump up another 24 MILLION ponds or so . I think that is about the total of all the open offers and placing s in the last 3 1/2 years. The Vanadium price is at a lower and stable ? price. The intermittent renewables current and planned growth on the grid in the UK looks like it needs higher carbon spinning reserve or pumped hydro/ batteries to act as a belt and braces back up for grid power station failures. Radio silence for over a month from the company. The cash runs out in November . On my cynical days I wonder whether management will wind up the company and consider buying what remains for next to nothing.
Blahblahdoh, re Gresham House and the fund raising. In my view they are not going to be investors. The fund targets income producing shovel ready or near shovel ready storage sites. Redt and Avalon do not fit this profile. Perhaps Bushveld a vanadium mine producer who stated they have a Vanadium Pentoxide electrolyte lease agreement with Avalon. More likely someone who has invested in Avalon and wants a market value for their investment via a quoted company RED.
Well GreenmanDK. Avalon merger or reverse takeover is only a memorandum of understanding. Avalon is a private US company that probably also needs cash to continue. Pot loads of money injection seems to be a precondition of the merger happening. We can reasonably assume that existing RED backers have run out of patience with the promises to deliver this and that . The German deal and the Anglian Water deal are both about a year old now and there is little sign of progress on either. It needs an agreement or end of the merger plans to lift the shares from suspension. Then the share price will respond if it is packaged that way . I think any new investors will want more than a pound of flesh and a big deeply discounted stake. That typically will make trades happen at the lower price like the open offer and placing in March.
I have always assumed that RED have deliberately avoided North America so I am not surprised. With the Vanadium Pentoxide price back down at a price that makes flow batteries economic I assume , I see that there is hope for the cash to come from a backer, to deliver the order pipeline.
I note that the Eskom plans in South Africa are dated October 2018. More recent politically influenced reports from Feb 2019 suggest that the timescales are much slower than this report suggests. The recent split planned for the heavily indebted Eskom into transmission generation and distribution are likely to significantly delay these battery plans.
I am not sure whether this news is good for Rest or not. Cellcube is working with Hive energy and Immersa on a consortium basis in the field of solar and storage. Interestingly Hive energy are involved in the huge solar park in Kent that has been mooted as a battery storage site. htTps://www.thechestnutpost.com/news/cellcube-immersa-and-hive-energy-building-green-peaker-plants/
Battery facility (Source Irish Times 24/48 hours ago)
Statkraft intends building what could be the Republic’s first battery facility at Kilathmoy, which will store 11MW of electricity for use when demand is high.
Comment John Ward, Alchemy owner, Redt shareholder and ex Redt non exec director was involved with Sorne Wind Farm in the Irish Republic where many years ago a huge VRFB was planned but never happened. A second chance for Redt in Ireland with Statkraft the new UK redt collaborator?
Well my open offer turned into shares late in the day on the planned date of the 10th. Curious to see the thin trading and decline in the share price. Did most of the open offer shares go to a strategic investor? On the 10th I was offered a higher price to sell than to buy within a period of one minute at under 2p. I am waiting for the holding RNS'es which surely should be there in the next few days.
At the time of writing the new significant holding information has been updated. If it is mostly correct, none of Schroders, Alchemy and Payar Investments took part in the open offer or placing to the extent that they have all reduced holdings in the company as far as I can see. Information sourced on the redt website. I think that their holdings have all decreased but please correct me if I am wrong. The directors details on shareholdings are incorrect with respect to O Brien for example as he has a higher percentage of shares than is displayed as of writing, his holding is similar to Kenna's. So who took up the bulk of the shares in the fund raise? I guess as others have said, it will take a few days for the holdings motivations to appear on RNS's as they should do. As the British Steel Pension fund never seemed to declare they were no longer holding the 5 percent stake who knows what will happen though?
This is an extract from an RNS from Dec 2015 below. So Redt sold the assets in November 2015 but managed the projects using the US based Camco International subsiduary that they have now sold to management. I don't have access to us company information but this is another sale to management, at least some cash changed hands rather than pocket money when Camco Africa, now as far as I can work out now renamed Camco something, was sold to management including a now ex director of Redt ,Scott McGregor.
Completion of Sale Biogas Assets
The board of redT energy plc ("redT Energy" or the "Company") is pleased to announce that further to the announcement on 17 November 2015, all conditions relating to the sale of the US Biogas Assets have now been satisfied and the transaction has completed.
The initial consideration of $2.0m in cash has been received by the Company and the remaining $2.6m will be settled in cash within 12 months. As previously set out, an additional $1.0m of deferred consideration is payable dependent on the performance of the disposed assets in the period to 31 December 2016 and up to 2 years from the date of completion payable in 2 equal instalments.
The placing and open offer is dependent on shareholders voting of two thirds at the special meeting( I presume that is of those who vote.) The placing and open offer needs a higher threshold than the Brexit vote!!!
In the olden days the Directors put their money where their mouth was e.g.******warning this is an old RNS *****July 2013 Camco Clean Energy plc was notified today that Scott McGregor, Chief Executive Officer, yesterday purchased 2,500,000 ordinary shares of the Company at a price of 1.6 pence per share. Following this transaction, Mr McGregor has an interest in 4,087,746 ordinary shares representing approximately 1.96 per cent of the Company's issued ordinary share capital
I sent a message to Bobf's email address to see if we can get some of the concerns about what has happened re Scott McGregor and Jeff Kenna decisions and action with respect to its impact on redt energy. Please do so soon too if you want to see if a just outcome to the crisis with redt. Email address email@example.com
I believe that the intermittent renewables problem will need a heat based storage solution. Latent heat is a good contender, the reason defrosting and cooking a frozen meal seems to do nothing for a while is latent heat. 1414 degrees in Australia has a prototype being constructed at a sewage farm there using silicon at melting point I.e 1414 degrees . I hope Redt can succeed but a I am less optimistic with the "new year " radio silence from the company.
I wondered whether someone would eventually post that a Camco UK company was registered in November 2018 from memory with Scott McGregor as a director. I fail to understand why it was given away for £1 in Jan 2018 with so many millions of turnover if I have read it right. I do not understand why the Redt board agreed it either. Redt is virtually a pure play energy storage company now with apparently few sales and lots of potential to go bust or to fly.
Bobf I am with you on the practical limitations to vrb flow battery size. The huge size theoretical flow battery that the article I quoted referred to was originally written to provide ball park solutions to a low carbon uk economy on the lines of does it add up? I have grave misgivings about the feasibility of a low carbon economy without nuclear as storage requirements are so huge and costly.
This is quote is from a rather old source, where the late great Dr David Mackay did some order of magnitude vacations for super mega storage. Some may remember the ex director of Redt had involvement with Sorne Hill vrb battery plan in Ireland. Source withouthotair.com , about page 200.
"Vanadium flow batteries
VRB power systems have provided a 12 MWh energy storage system for
the Sorne Hill wind farm in Ireland, whose current capacity is “32 MW,”
increasing to “39 MW.” (VRB stands for vanadium redox battery.) This
storage system is a big “flow battery,” a redox regenerative fuel cell, with
a couple of tanks full of vanadium in different chemical states. This storage
system can smooth the output of its wind farm on a time-scale of minutes,
but the longest time for which it could deliver one third of the capacity
(during a lull in the wind) is one hour.
A 1.5 MWh vanadium system costing $480 000 occupies 70 m2 with a
mass of 107 tons. The vanadium redox battery has a life of more than
10 000 cycles. It can be charged at the same rate that it is discharged (in
contrast to lead-acid batteries which must be charged 5 times as slowly).
Its efficiency is 70–75%, round-trip. The volume required is about 1 m3 of
2-molar vanadium in sulphuric acid to store 20 kWh. (That’s 20 Wh/kg.)
So to store 10 GWh would require 500 000 m3 (170 swimming pools) –
for example, tanks 2 m high covering a floor area of 500 m × 500 m.
Scaling up the vanadium technology to match a big pumped-storage
system – 10 GWh – might have a noticeable effect on the world vanadium
market, but there is no long-term shortage of vanadium. Current worldwide
production of vanadium is 40 000 tons per year. A 10 GWh system
would contain 36 000 tons of vanadium – about one year’s worth of current
production. Vanadium is currently produced as a by-product of other pro-
cesses, and the total world vanadium resource is estimated to be 63 million
Well last year I was up for 11p. This year I will be going for just 6.2p . My logic is there will be at least two open offers or placings during the year with a strategic investor wanting a deep discount in a placing. This will depress the share price in the short term as the planned rollout of megadeals will be slower than the market is hoping for. It needs a lot of low profit margin sales to reflect a large share price based on traditional market valuations which will value the company if the megadeals come through.