Energy storage tech firm wins £750k grant
An AIM-listed energy storage technology company based in London has bagged a £750,000 grant from the UK government.
redT energy said the grant will be used to accelerate its research and development initiatives.
The award comes as part of an initiative aimed at UK-based companies which are at the forefront of energy market innovations.
"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," said chief executive Scott McGregor.
"The funding will enable us to further develop our technology, by reducing cost while increasing performance at the same time, making flow machines an even more financially compelling proposition to our customers."
redT energy said its R&D initiatives include 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 while increasing performance and accelerating the development of its future generations of energy storage machine.