RedT Energy targets growth after injection of £3.85m through placing

Energy storage firm RedT Energy announced on Friday that it has successfully raised £3.85m through an oversubscribed share placing.

The company said the cash injection will be used to support further growth of the company, including the development of new product generations to satisfy its orderbook and pipeline of consumer interest.

Scott McGregor, chief executive of RedT Energy, said: "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."

The funds were raised through the purchase of shares at 5.9p per share, 10% below Thursday’s closing price, by new and existing investors after 65,392,342 ordinary shares of €0.01 were placed through VSA Capital.

The placing remains subject to the shares' admission to trading on AIM, which is expected to occur at 0800 BST on 19 April.

As of 1459 BST, RedT Energy’s shares were down 5.30% at 6.25p.