Vanadium flow machine specialist redT has trimmed its losses as discussions over a planned merger with US storage firm Avalon continue.
RedT has confirmed it has agreed outline terms for a reverse takeover of fellow vanadium redox flow battery firm Avalon, a move which the firm said would create a “leading player” in the energy storage market.
Concerns over the future of energy storage firm redT remain after it admitted that, without additional investment, the vanadium flow machine manufacturer could be forced to cease trading by the end of November.
Energy storage firm redT has landed more than £3 million from an open share offer, effectively securing its immediate future.
Statkraft has been revealed as the major European utility to partner with redT on a fully-financed solar-plus-storage offering for the UK’s thriving C&I market.
The future of vanadium flow machine company redT has been plunged into doubt after it launched a strategic review of its ongoing business.
Anglian Water is to use flow machine energy storage units to optimise the solar generation at one of its water treatment sites in what the company has called ‘a pathfinder for future projects’.