Business
Award of £750,000 funding grant by UK Government
Award of £750,000 funding grant by UK Government.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 3149G RedT Energy PLC 01 March 2018 \n\nThis announcement contains inside information\n \n1 March 2018\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nredT energy awarded £750,000 funding grant by UK Government\n \nredT energy plc (AIM:RED), the energy storage technology company, is pleased to announce the award of a £750,000 grant from the UK Government.\n \nThe award comes as part of an initiative aimed at UK-based companies which are at the forefront of energy market innovations. More information can be found via this link: https://www.gov.uk/guidance/funding-for-innovative-smart-energy-systems \n \nThe grant will be used to accelerate the Company's research and development initiatives, including; stack development (increasing performance and reducing costs), production automation (using cutting-edge manufacturing processes), and further development of electrolyte. With the grant, redT will further reduce costs associated with its technology whilst increasing performance and accelerating the development of the Company's future generations of energy storage machine, with the Company's 3rd Generation machines expected to be released later this year.\n \nThis continued support from the Government demonstrates the increasing significance of flow machine technology in the UK and highlights its growing importance as a long-term solution for the country's future energy system.\n \nScott McGregor, CEO, redT energy commented:\n \n\"We would like to thank the Government for their continued support at what we believe is a tipping point for energy storage in the UK. Winning this grant demonstrates that redT is at the forefront of the energy storage industry, and shows that the Government is keen to support energy technologies that will help to decarbonise the UK economy. The funding will enable us to further develop our technology, by reducing cost whilst increasing performance at the same time, making flow machines an even more financially compelling proposition to our customers.\"\n \n \nEnquiries:\n \n\n\n\n\nredT energy plc\n\n\n+44 (0)20 7061 6233\n\n\n\n\nScott McGregor, Chief Executive Officer\n\n\n \n\n\n\n\nJoe Worthington, Investor & Media Relations\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCenkos Securitie...