UK flow battery supplier REDT has raised just over £3 million to see the company through a strategic review that it announced last month.
The energy storage company raised £2.26 million (before expenses) as a result of an open offer and £940,000 (before expenses) through a placing.
On 14 March 2019 the company announced a fund-raising effort of at least £1.5m proceeds (before expenses) from the placing and open offer.
According to REDT the recent completion of the divestment of its US business and the £3.2 million raised should fund the business into December 2019 and enable the strategic review process to be completed.
Executive chairman Neil O’Brien said: “I am delighted to report on the progress to date and would like to express the Board’s thanks to the REDT team delivering the commercial projects including our signed partnership with Statkraft, the supply agreement for the Energy Superhub Oxford project and the divestment of legacy Camco US business activities.”
He said the strategic review is “progressing well”.
O’Brien, previously a non-executive director, is leading the strategic review of REDT, which involves initiating cost-cutting measures to ensure that the long-term value of the business is maintained during the strategic review.
The focus is on closing and delivering large projects in UK, Germany and Australia, said the company.
A redundancy process has started which will see a 23% reduction in staffing.