Power storage technology firm redT energy plans to raise at least £15million through a share placing and open offer.
The Jersey-registered firm, which has a base in Livingston, said the funds would go towards the development and operating costs of new storage units and provide working capital for the next two years.
The placing will conditionally raise £12million while the open offer will make up £3million.
The firm expects to admit the shares to the AIM no later than January 3, pending a shareholders’ vote.
It said its strategy was not contingent upon a full take-up under the open offer.
But it warned that its business plan and growth prospects could be “adversely affected” if shareholders vote against the placing on December 30.
Scott McGregor, CEO, said: “redT has successfully proven its disruptive technology with the production of one of the longest life, lowest cost industrial energy storage machines, and we are now entering the next stage of development with the commercial roll-out of our Gen 2 units.
“Estimated at $100-$150 billion, the stationary energy storage market presents redT with a very significant opportunity for sustainable growth and our technology holds the key to unlocking firm renewable power for the future.
“With a strengthened balance sheet, we will now be able to aggressively ramp up our sales and marketing efforts, and continue the development of the future generation of redT machines.”
Recommended for you
