Source - RNS
RNS Number : 8950K
RedT Energy PLC
13 April 2018
 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR AUSTRALIA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

 

13 April 2018

redT energy plc

("redT" or the "Company")

Placing to Raise £3.85m

redT energy plc (AIM: RED), the energy storage solutions company, is pleased to announce that it has raised gross proceeds of £3.85 million (before expenses) from institutional investors through the placing by VSA Capital of 65,392,342 ordinary shares of €0.01 each ("Ordinary Shares") in the capital of the Company (the "Placing Shares") at a price of 5.9 pence per share (the "Placing Price").

The Company intends to use the net proceeds it receives from the Placing, which was considerably oversubscribed, to support the continued growth of the business, including the development of further product generations to satisfy the Company's orders and pipeline of customer interest.

Details of the Placing

The Placing is subject, inter alia, to admission of the Placing Shares to trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on 19 April 2018. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. The Placing Shares will, when issued, rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission of the Placing Shares, the Company's enlarged issued share capital will comprise 719,315,766 Ordinary Shares. The Company has no shares in treasury. This figure of 719,315,766 Ordinary Shares should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Scott McGregor, CEO, redT energy commented:

"We are delighted with the interest we have received for this Placing both from existing and new institutional investors.

redT is now leading the energy storage sector in the UK, providing secure economic returns for the commercial sector to embrace distributed energy by coupling solar generation with energy storage. The Placing ensures that we have the resources in place to capture the significant global market opportunity in front of us."

Contact Details:

redT energy plc

+44 (0)20 7061 6233

Scott McGregor, Chief Executive Officer

Joe Worthington, Investor & Media Relations


Investec Bank plc (Nominated Adviser & Broker)

+44 (0)20 7597 5970

Corporate Finance: Jeremy Ellis / Alexander Ruffman

Corporate Broking: Chris Sim / Rob Baker


VSA Capital Limited (Joint Broker)

+44 (0)20 3005 5000

Andrew Monk / Andrew Raca


Celicourt Communications (Financial PR)

+44 (0)20 7520 9266

Mark Antelme / Jimmy Lea / Ollie Mills


Notes to Editors

About redT energy plc

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage systems which create revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The Company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has offices in the UK, Africa and the USA.

http://www.redTenergy.com/ 

For sales enquiries, please email [email protected] or call +44 (0)20 7061 6233

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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