RedT shuffles management team as Avalon talks progress

Image: RedT.

Energy storage firm redT has shuffled its management team as a proposed merger with Avalon nears completion.

RedT confirmed this morning that both ex-CEO Scott McGregor and non-executive director Jeff Kenna would be leaving the firm at the end of the year.

Meanwhile, Avalon chief executive Larry Zulch has been confirmed as the CEO designate of the merged business and is to join the board of redT, subject to the successful completion of the merger.

Neil O’Brien, executive chairman at redT, will continue to manage the company during the interim period prior to the merger’s completion, alongside CFO Fraser Welham.

O’Brien said it was time for a “new chapter” at redT, welcoming the “wealth of valuable experience” Zulch stands to bring to the storage firm’s top table.

Both McGregor and Kenna have been long-time employees at redT, having joined the company in 2006 and 2009 respectively. McGregor initially served as CFO before taking the reins as chief executive in 2009. He will assist the firm during a transition period and continue to work on a number of “key commercial projects”, the company said.  

Talks between redT and Avalon over a potential merger started in July this year, prompted by AIM-listed redT running into financial difficulties.

Speaking today, Avalon CEO Zulch said it was “difficult to imagine a more complementary combination” than the two companies.

“Together, we aim to form the preeminent force in vanadium redox flow batteries. I'm excited to work closely with the redT team to build an organisation that will dramatically benefit our combined customer base, both current and future, contribute positively to the global energy transition, and generate long-term value for shareholders,” he said.