Shares in RedT Energy (RED) have rallied after the maker of large industrial battery systems revealed that it has signed an exclusivity agreement with Energy System Management GmbH to deliver two 40MWh grid-scale energy storage projects in Germany as a first phase deployment, with plans to roll out a further 690MWh of projects in the future. The initial phase - expected to enter construction next year - will necessitate a total of 1,066 of RedT's Gen 3 tank units.
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Grid connection and approval to supply Secondary Control Reserve (SCR) to Germany and Austrian markets look to be in place, though uncertainties remain as to the financial arrangements between the participants, together with the funding options that RedT is currently examining.