21st Dec 2015 11:35
LONDON (Alliance News) - redT energy PLC Monday said it has increased its stake further in the holding company of its energy storage business and plans to fully acquire the business shortly.
redT energy, formerly Camco Clean Energy PLC, changed its name to reflect the company's focus on the redT energy storage system, which is owned by Renewable Energy Dynamics Holdings Ltd.
redT energy has acquired a further 2.3% stake in Renewable Energy Dynamics to push its stake up to 99.7%. redT issued 8.2 million new shares in return for that stake.
That transaction is being conducted through the acquisition of a 7.34% stake in an intermediate holding company of Renewable Energy Dynamics, Re-Fuel Technology Ltd. redT energy already held a 91.86% stake in Re-Fuel Technology, and the deal will push its stake up to 99.2%.
redT energy said it plans to acquire the other 0.3% stake in the company in a separate transaction shortly.
redT energy shares were down 0.7% to 7.20 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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