Business
Update on next generation product development
Update on next generation product development.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 0623I RedT Energy PLC 19 March 2018 \n\nThis announcement contains inside information\n \n19 March 2018\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nUpdate on next generation product development and Gen 3 pre-orders\n \nredT energy plc (AIM:RED), the energy storage solutions company, provides an update on development progress of its next generation energy storage machines.\n \nredT 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.\n \nredT'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.\n \nThe 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. \n \nredT's Gen 3 pre-order progress is detailed below.\n \n\n\n\n\nFinal Stage Customer Selection for Gen 3 Pre-orders \n\n\n€11 million (195 Units)\n\n\n\n\n \nIn parallel to Gen 3 pre-orders, sales of redT's current Gen 2 machines continues in line with market expectations. \n \nThe 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. \n \nIn 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.\n \nScott McGregor, CEO, redT energy commented:\n \n\"Our Gen 3 product will combine the best flow machine IP in existence with cutting ...