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Energy storage group redT raises £3.85mln through oversubscribed placing

The AIM-listed company will use the cash injection to develop its line of products in order to satisfy its order book and pipeline of customer interest
redt energy storage container
Shares were sold at 5.9p apiece

Energy storage specialist REDT Energy PLC (LON:RED) has raised £3.85mln through an oversubscribed share placing.

The AIM-listed company said it will use the cash injection to support the continued growth of the business, including the development of new products to satisfy its order book and pipeline of customer interest.

Resources in place for opportunities

New and existing investors bought shares at 5.9p apiece – around 10% below Thursday’s closing price of 6.6p.

“We are delighted with the interest we have received for this placing both from existing and new institutional investors,” said chief executive Scott McGregor.

“The placing ensures that we have the resources in place to capture the significant global market opportunity in front of us.”

redT shares were down 2.3% to 6.5p in mid-afternoon trading on Friday.

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