TIDMRED
RNS Number : 4995T
RedT Energy PLC
15 November 2019
15 November 2019
redT energy plc
("redT" or the "Company")
Update on proposed merger - board and management changes
redT energy plc (AIM:RED), the energy storage technology
company, announces an update on the proposed merger with Avalon
Battery Corporation ("Avalon") (the "Merger"). Further to the
Company's announcement on 25 July 2019 and the subsequent
announcement on 1 November 2019 that interim funding had been
secured, the Company wishes to announce a number of changes to its
Board structure as part of ongoing Merger activities.
Jeff Kenna, who has served the Company for over a decade, will
be stepping down as a non-executive director with effect from 31
December 2019. Jeff has been with redT since its initial flotation.
He served as Vice Chairman and then as Chairman from 2009 until
earlier this year. Jeff's contribution to the Company and to the
Board over more than a decade has been extremely valuable.
Scott McGregor, who stepped down from the board in March 2019,
will also be leaving the Company on 31 December 2019. Scott joined
the Group in 2006, initially as CFO, and was promoted to Chief
Executive in 2009. He has been instrumental in transforming the
Company into an important player in the world energy storage sector
and has played a key role in the commercialisation of vanadium
redox flow machine technology across a wide range of industry
sectors. Scott will assist the Company during a transition period
and continue to support the delivery of a number of key commercial
projects.
The Board is also pleased to announce that, subject to the
successful completion of the Merger and relevant due diligence,
Larry Zulch, currently Chief Executive Officer of Avalon, will join
the Board of redT. Larry will become Chief Executive of the merged
business. He has over 30 years of experience successfully
commercialising advanced technologies and scaling the companies
that deliver those technologies to market. He was formerly the
President & CEO of Dantz Development (acquired by EMC),
Photometics, PLCD, Cloud Engines, and Savvius (acquired by
LiveAction). He served as VP and Officer at EMC, and as Executive
Chairman of FreeRange Communications (acquired by Sprint via
Handmark). Further details concerning Larry's appointment as a
director will be set out in the AIM admission document for the
merged business which will be published in due course.
In the interim period prior to completion of the Merger, redT
will continue to be managed by the executive management team headed
by Neil O'Brien, Executive Chairman and Fraser Welham, Chief
Financial Officer.
Neil O'Brien, Executive Chairman of redT commented:
"Jeff has been an unstinting supporter of the development of the
group and its recent transformation to an energy storage business.
Jeff has a vast knowledge of the renewable sector and has provided
knowledge, guidance and leadership to the Board.
Scott has given well over a decade of loyal service to the
Group. He has shown great tenacity and energy in growing redT's
predecessor Camco to be the global leader in its sector, and
subsequently navigating its survival through the demise of the
carbon credit sector. From this, Scott rapidly grew redT from a
small research project into one of the world's leading flow battery
technology companies. In addition to his achievements in creating a
grid scale redT energy storage product we can be proud of, Scott's
commercial efforts have created a healthy pipeline of current and
potential contracts which will contribute positively to the
Company's future success.
I would personally like to thank Jeff and Scott for their
valuable service to the Company over the many years they have
served on the Board and wish them well for the future.
It is now time for a new chapter for redT. I am very much
looking forward to the successful completion of our Merger and
being able to welcome Larry to the Board. He will bring a wealth of
valuable experience and I look forward to working with him."
Larry Zulch, Chief Executive Officer of Avalon commented:
"It is difficult to imagine a more complementary combination
than Avalon and redT, starting with the strengths of our respective
teams. Together, we aim to form the preeminent force in vanadium
redox flow batteries. I'm excited to work closely with the redT
team to build an organisation that will dramatically benefit our
combined customer base, both current and future, contribute
positively to the global energy transition, and generate long-term
value for shareholders. Finally, I'd like to express my gratitude
to Scott for his years of service and his support of the Merger and
integration process."
For further information, please contact:
redT energy plc
Neil O'Brien, Executive Chairman
Fraser Welham, Chief Financial Officer
Joe Worthington, Investor & Media Relations +44 (0)20 7061 6233
Avalon Battery Corporation
Larry Zulch, CEO
Matt Harper, President +1 604 563 2144
VSA Capital Limited (Financial Adviser)
Andrew Raca / Simon Barton +44 (0)20 3005 5000
VSA Capital Limited (Broker)
Andrew Monk +44 (0)20 3005 5000
Investec Bank plc (Nominated Adviser
and Joint Broker)
Jeremy Ellis +44 (0)20 7597 4000
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in
the design, manufacture, installation and operation of energy
storage infrastructure which creates 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. For more information, visit
www.redTenergy.com
For sales, press or investor enquiries, please contact the redT
team on +44 (0)207 061 6233.
About Avalon
Avalon Battery was founded on the principle that productized
vanadium-based flow batteries will revolutionize energy projects
and play a critical role in a renewable energy future. With
operations in Fremont, California, USA and Vancouver, Canada, and a
low-cost manufacturing presence in Suzhou, China, Avalon produces
dependable, safe, and economical energy storage systems.
Avalon believes the foundations of its product excellence are
its technology and engineering team. Since 2005, its team has been
one of the global leaders in design, production and deployment of
vanadium flow batteries(1) ; the team now counts over 140 years'
experience in vanadium flow battery development, has been involved
in the deployment of over 15MWh of vanadium flow batteries since
2005, and has invented over 50 related independent patents.
www.avalonbattery.com
(1) Based on searches of the US DOE Global Storage Database for
electro-chemical, vanadium flow batteries understood to be in
operation as at 29 October 2019.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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