23 Dec 2015 07:00
23 December 2015
redT energy plc
("redT" or the "Company")
Completion of Sale of US 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.
Enquiries:
redT energy plc | +44 (0)207 121 6100 |
Scott McGregor, Chief Executive Officer | |
Jonathan Marren, Chief Financial Officer | |
finnCap Ltd (Nominated Adviser and Broker) | +44 (0)207 220 0500 |
Julian Blunt (Corporate Finance) | |
Tony Quirke (Corporate Broking) | |
Celicourt (Financial PR) Mark Antelme
| +44 (0)20 7520 9266 |
About redT
redT develops and supplies durable and robust energy storage systems based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of over 10,000 full charge/discharge cycles and a 100% usable depth of discharge. Combined with low maintenance requirements this delivers industry leading levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.
Until now it has not been possible to directly compare variable renewable energy generation sources with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.