Business
Update on Camco business activities
Update on Camco business activities.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 0296B RedT Energy PLC 05 January 2018 \n\nThis announcement contains inside information\n \n5 January 2018\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nUpdate on Camco business activities\n \nredT energy plc (AIM:RED), the energy storage technology company, provides the following update on the Company's legacy Camco business units. The Company confirms that in line with its strategy of focusing on the continued development and commercialisation of its core redT energy storage solutions business, the Board has elected to cease Camco Carbon activity and has divested its interest in the Camco Africa investment advisory business. This move completes redT's transition to a pure-play energy storage company.\nThe African continent remains a key market for redT's energy storage machines, and the Company's activity in the region remains unaffected by the divestment of the UK based Camco Africa investment advisory business.\nCamco Carbon activity, which is centred on ad hoc EU ETS Compliance Services, will cease effective from 10th January 2018, with no new carbon contracts taken on by the Company post this date. The Camco Carbon business produced revenue of €6.8m in the year to 31 December 2016, and €2.6m in the six months to 30 June 2017, with a small marginal net positive EBITDA being achieved in both periods. As such the cessation of Camco Carbon activity will have no material ongoing EBITDA impact on the Company.\nredT also confirms the divestment of the Company's holding in its legacy Camco Africa investment advisory business, Camco Africa Limited (\"CAL\"). redT has entered into a share purchase agreement with CAL, through which CAL will acquire the Company's entire holding of 850 ordinary shares (representing 85 per cent of CAL's issued share capital) for nominal consideration of €0.01 per share in cash (the \"Share Buy-Back\"). CAL, through its subsidiary Camco Management Ltd, has a contract until 2020 to act as manager of the Renewable Energy Performance Platform (\"REPP\"), which aims to support African renewable energy projects smaller than 25MW through the provision of project development funding, results based finance and technical and financial assistance. \nThe Board of redT remains focused on the continued development of redT's energy stora...