13th Sep 2018 10:25
LONDON (Alliance News) - Shares in redT Energy PLC fell Thursday after the company reported a wider interim loss, as it looks to start production on its new energy storage machine.
The stock was trading at 8.40 pence a share on Thursday, 8.7% lower on the day.
For the six months to June, the energy storage firm's pretax loss was GBP5.8 million from GBP3.2 million a year prior, hit by higher administrative expenses.
Revenue was GBP1.2 million, compared to GBP900,000 for the same period a year prior.
These results met company expectations, redT said, with the focus in the period on, amongst other things, finalising the development of its third-generation flow machine. RedT's flow machines use vanadium redox flow technology to store energy in liquid.
Development of the "Gen 3" flow machine is going well, and redT hopes to deliver its first Gen 3 machine to a customer towards the end of 2018. The delivery of this product will be the key focus of the company for the rest of 2018.
Chief Executive Scott McGregor said: "redT has validated its commercial and grid scale energy storage solutions with the recent deals in Germany and with Anglian Water and the UK public sector confirming the suitability of redT's technology for both 'mega projects' at grid level and as a long-term infrastructure solution for the commercial & industrial sector."
"redT will now focus for the near term solely on deployment of its Gen 3 product," McGregor added.
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