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LONDON (Alliance News) – RedT Energy PLC on Tuesday said it expects the price of vanadium, which is used in its energy storage process, will normalise in the medium term.
Shares in the energy storage firm were down 10% at 5.70 pence on Tuesday.
RedT’s energy storage technology employs vanadium redox flow batteries, which contain a vanadium electrolyte.
The cost of vanadium pentoxide flake, which is used in energy storage systems, was more than fives times higher in mid-October than it was in September 2016.
However, as vanadium is “neither consumed nor degraded” when used in this way, RedT said it can continue to offer its energy storage systems at a competitive price.
RedT also said that, while it had intended to reach final close on its German grid project by the end of 2018, this is now expected to take place in the new year.
“This extension stems from recent modifications to the German market bidding mechanism for the secondary control reserve service, which has required the project partners to undertake additional analysis to assess the impact of the modifications,” said RedT.
Nonetheless, RedT is on track to complete the manufacture of its first Gen 3 energy storage product to Anglian Water Group Ltd in the UK.
In addition, RedT has appointed financial advisors to help the company as its strategic partners for investment, and said it has already seen interest from “a number of potential, global strategic partners”.
At present, RedT has approximately 90 megawatt hours of energy storage projects in development and its overall pipeline stands at GBP1.07 billion. This “comfortably covers”, RedT said, analyst forecasts for product sales in the next two years.
RedT Chief Executive Scott McGregor said: “Commercially, our teams have maintained sharp focus on specific applications for energy storage where there is a real ability to unlock more cheap renewables and energy cost savings.”
“Our Gen 2 technology has been delivered successfully and is now operational in the UK, Australia, Africa and South East Asia. Manufacturing of our Gen 3 product is on schedule with the first customer system now nearing completion,” McGregor added.
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