April 13 (Renewables Now) - UK energy storage company redT energy plc (LON:RED) has raised GBP 3.85 million (USD 5.5m/EUR 4.5m), gross, through a placing to institutional investors.
The company, whose energy storage machines are based on vanadium redox flow technology, said today it plans to use the funds to support growth, including the development of more product generations.
The deal, conducted by VSA Capital, saw redT place about 65.4 million shares at a price of GBP 0.059 apiece. The firm said he placing was considerably oversubscribed and drew interest both from existing and new investors.
"The Placing ensures that we have the resources in place to capture the significant global market opportunity in front of us," according to chief executive Scott McGregor.
(GBP 1 = USD 1.427/EUR 1.157)