15 Nov 2018 07:00
This announcement contains inside information
15 November 2018
redT energy plc
("redT" or the "Company")
Management Team Update
Energy Assets Director appointed to manage redT storage portfolio
redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce the appointment of Ed Porter to the role of Energy Assets Director with effect from 2 December 2018. Ed will take responsibility for business development activity for new grid-scale energy storage projects and will lead the asset and revenue optimisation of redT's energy storage assets under management, maximising revenues gained from the operation of redT energy storage infrastructure.
Ed joins redT after more than four years at Gazprom Marketing & Trading, the energy marketing and trading arm of Gazprom. He most recently held the position of Power Portfolio Manager, where he was responsible for 1GW of UK assets under management including; energy storage, gas peakers and a range of renewable generation. As part of this role he also developed commercial market strategies for these assets and undertook business development within the UK market. Prior to this, Ed held various senior positions within the fields of energy trading and asset optimisation, strategy and business development for Gazprom, RWE npower and Innogy Renewables. Ed holds a Master of Engineering degree from St Catherine's College, Oxford University.
The Company also announces that David Stewart stepped down as Chief Operating Officer on 14 November 2018. During almost two years at redT, David made an important contribution to the business, both technically and commercially throughout redT's growth phase, and has been a valued member of the executive leadership team.
David will remain as a Non-Executive Director and continue to sit on the Board of Directors until 7 January 2019. His executive responsibilities will be assumed by Paul Docherty, redT's Operations Director, who joined redT earlier this year from Jabil Circuit inc. and Jean-Louis Cols, redT's Technology Director, who also joined earlier this year and brings over 25 years of complex engineering and R&D experience across multiple fields including fuel cells and energy storage systems.
Scott McGregor, CEO of redT said:
"I'm very pleased to have Ed joining the redT commercial team. Ed has a wealth of experience in the energy markets having developed and managed 1GW of UK assets. His experience will accelerate redT's business development and asset management of our large-scale, 'Mega' projects, implementing energy storage infrastructure at grid level across the world. We are extremely pleased to have attracted someone of Ed's calibre to redT.
I'd also like to thank David for the positive influence he has had on the redT business during a period of rapid expansion for the Company. Dave's personal dedication, relentless efforts to see us through our early growth stage of the Company and commitment to our success has been invaluable and we wish him all the best for his future endeavours."
Enquiries:
redT energy plc | +44 (0)20 7061 6233 |
Scott McGregor, Chief Executive Officer Fraser Welham, Chief Financial Officer | |
Joe Worthington, Investor & Media Relations | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Alexander Ruffman
| |
VSA Capital (Joint Broker) Andrew Monk / Andrew Raca | +44 (0)20 3005 5000
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Celicourt Communications (Financial PR) Mark Antelme Jimmy Lea Ollie Mills | +44 (0)20 7520 9266 |
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.
redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT team on +44 (0)207 061 6233.