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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 bbl1960@hotmail.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.
From my understanding of Brexit issues, Jersey only has agreements on the basis of its relationship with the UK and the UK's agreements with the EU.
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
tons."
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.
Well I re the redt share price prediction. I was thinking about this and my 11p prediction and I would have reduced it to say 9.5p as I anticipated a discounted open offer. I did not think a placing would arrive so soon! Sadly private investors have no oppvirginity to participate. It's a shame . Why do directors treat big shareholders preferentially?
The curse of spellcheck. Primarybid.com is the website I was referring to in my last post!
I noticed on londonstockexchange.com that stock was trading with xo next to it. I was wondering if it was a new regulatory hint of a rights issue or open offer on the way. Whilst looking at a Versarien rns, I noticed that they had raised new equity finance via Primetime.com, which.seems to offer a way of private investors getting the same terms as institutional ones in a placing of shares. I liked that idea. I was a bit miffed when they raised funds at 5.9p earlier in year, so bought some more under 5.9p with share spread and dealing charges.
What a difference a few weeks make! With a price increase of about 5 percent on by the end of August and my 11p prediction for the end of year is the frontrunner.
!
I just posted a reply to the Tidal Lagoon scheme. The original comment was not visible on my mobile phone and mobile phone mode . When I changed it to desktop view it was visible.
Tidal Lagoon Power asked for a 90-year contract for difference (CfD) in Jan 2018. Starting at £123/MWh in the yr1 reducing so in 20 years it would drop to below the figure for the new nuclear power station at Hinckley Point – and at the end of the 90-year period it would be just £43/MWh. I think the £160/ MWh price was an old negotiation with Government. For an new technology showcase I.e tidal lagoon, not tidal barrage, this could be reasonable. From memory the tidal plans at Wyre estuary are probably cheaper and not lagoon based. Flow batteries would be excellent bedfellows for the predictable spring and neap tides. I.e 9 times power of spring tide c.f. Neap tide.
Correction your post is there still without the link and my reply. Perhaps they are removing links via a periodic trawl. I will test out theory by posting real links and modified links that a human can figure out. That does not result in user friendly experience though.
Hi Sbuild the link was not removed immediately. I posted a reply which took a time to write and it was still there after I posted, but my reply has gone too. It may be that they think that links are advertising, or simply their systems are not so good. Last Thursday or Friday LSE chat was down due to a failed upgrade of something. When there was the Gigha posts with munters input a while back though post disappeared too. If I recall correctly I raised my concerns then and some posts reappeared. I think it was stated it was a technical issue, though it would have the same hallmarks of reporting posts being removed too.
The problem with Tidal Energy lagoon sites is the excellent sites for them in the UK just happen to be broadly in phase with each other hence increases pressure on grid or enormous storage machines. The number of sites worldwide is relatively small, as shallow narrowing estuaries are needed for high tidal ranges. We have a lot relative to our size. Tidal flow with Atlantis machines are a better bet for Redt. I does look like we are looking to loose our lead though.
Macbev. I thought the AGM was July 27th not June 27th, at least on the RNS.