redT energy plc (AIM:RED), the energy storage solutions company, provides an update on development progress of its next generation energy storage machines.
redT is pleased to announce that design prototyping of its 3rd Generation (“Gen 3”) cell stack is complete and has now been delivered to the Company’s premises. With initial stack design completed, redT have now engaged with its Tier 1 global manufacturing partner, who provided positive feedback on the design philosophy, and the Company has made a commitment to tooling equipment. In line with previous announcements, the company expects to deliver its Gen 3 product in H2 2018.
redT’s Gen 3 patented energy storage machines represent a significant technological advancement, culminating from years of intensive development. These advanced liquid energy storage machines will offer customers improved power and efficiency performance with a smaller footprint and at a reduced cost.
The Company has initiated the pre-selling process for Gen 3 systems and is in late stage negotiations with a number of customers. The Company expects the first Gen 3 pre-orders to be announced shortly.
redT’s Gen 3 pre-order progress is detailed below.
Final Stage Customer Selection for Gen 3 Pre-orders | €11 million (195 Units) |
In parallel to Gen 3 pre-orders, sales of redT’s current Gen 2 machines continues in line with market expectations.
The Company also notes the award of £750,000 from the UK government, announced on 1 March 2018, which has been a complementary factor and allowed redT to accelerate its research and development.
In parallel to Gen 3 product development, the company is also conducting intensive research and development activity within the fields of electrolyte development, self-learning system management software, innovative financing and leasing models for redT’s products.
Scott McGregor, CEO, redT energy commented:
“Our Gen 3 product will combine the best flow machine IP in existence with cutting edge design advancements, alongside millions of hours of machine operating experience and combined knowledge gained through decades of development by our team. We are proud to bring this high performance, low cost energy storage machine to a customer market which is hungry for reliable, durable energy storage infrastructure solutions.
We firmly believe that our next generation machines will be an industry leading product and we look forward to updating stakeholders on our Gen 3 offering over the coming months.
I am also pleased with the continuing roll-out of our Gen 2 machine orders and pipeline.”