RED.L Regulatory News (RED)

10 December, 2015

redT energy plc

("redT" or the "Company")

Directorate Change

redT (AIM: RED.L), the energy storage technology company, today announces that Jonathan Marren has informed the Board of his desire to step down as Chief Financial Officer, in order to work within the education sector and to spend more time with his young family. 

Ensuring an orderly handover to his successor, Jonathan will remain CFO until 29 February, 2016. Upon stepping down as CFO, Jonathan will remain on the Board of redT energy as a Non-Executive Director.

redT energy is pleased to announce that Scott Laird, currently Group Financial Controller, will become Finance Director (non-Board Director). Scott has been with the group for a year, during which time he has played a key role in the building and running of the company's current finance function. Scott is a qualified accountant and member of the Chartered Institute of Management Accountants. Prior to joining redT, Scott held roles within the industrial and energy sectors as Finance Manager at Harsco and Financial Controller at Energy Assets plc.

Jeff Kenna, Chairman of redT said, 

"Jonathan joined the Company in 2012 and helped oversee the successful transition of the business from a CDM Carbon project developer to where we are today as a leading pure-play energy storage business. On behalf of the Board I would like to thank him for his unswerving commitment and wish him and his family the very best for the next challenge. We are pleased that we will be able to retain Jonathan's considerable knowledge and wisdom in his future role with redT energy as a Non-Executive Director.

"In Scott Laird we are fortunate to have an outstanding candidate and a very safe pair of hands, who knows the business inside out. We are extremely confident that Scott will continue to make a significant contribution in his expanded role of Finance Director."

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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.

www.redtenergy.com