Date: Dec 19, 2018
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.
