‘Global flow battery partnership’ between Avalon and redT set to seal deal in March

LinkedIn
Twitter
Reddit
Facebook
Email
Avalon’s flow battery devices at a commercial installation in California. Image: Avalon Battery.

The proposed merger between flow energy storage companies Avalon Battery and redT continues to progress, with the transaction set to be completed around the end of March 2020.

The two firms are set to form a new entity that will be listed on London’s Alternative Investment Market (AIM). The AIM admission document for the merger is to be published by 16 March 2020, according to RedT. With the publication of the AIM, the temporary suspension of trading on AIM of RedT’s shares will be lifted and trading will resume.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

RedT expects the merger and associated fundraising process to be completed around the end of March, it said.

Cross-functional staff groups from RedT and Avalon have been working on integration plans across commercial, technical and organisational areas in readiness for the expected completion, alongside there being progress with the documentation and due diligence requirements.

The merger between the two companies was first unveiled in July 2019, the aim being to create a “leading player” in the energy storage market. It was announced after RedT, which specialises in vanadium redox flow machines, ran into financial difficulties in March of that year.

In November, it secured a £1.9 million (US$2.49 million) interim loan from Avalon to keep going until the deal concludes. 

The merger, as well as associated fundraising, remains subject to final due diligence, definitive legal agreements being reached and successful fundraising to provide the necessary funds for the enlarged business among other things.

It is also still subject to the approval of RedT’s and Avalon’s shareholders. In November of last year, vanadium producer Bushveld Minerals also offered its backing to the creation of the merged entity. 

This story first appeared on our sister site Solar Power Portal.

Read our September 2019 in-depth Q&A with Avalon Battery & redT executives, along with NEXTracker CTO Alex Au – Avalon Battery supplies flow energy storage devices to the PV company's line of complete solutions. 

Read Next

Premium
May 20, 2025
ESN Premium speaks with Chloe Hicks of EnergyCo about New South Wales’ Renewable Energy Zones (REZ) and its hopes for energy storage.
May 20, 2025
Origin Energy has submitted an 800MWh wind-plus-storage project in New South Wales to Australia’s EPBC Act.
May 19, 2025
Elements Green has received grid connection approval from Powerlink Queensland and the AEMO for a 1.3GWh solar-plus-BESS site in Queensland.
May 16, 2025
Developer Elgin Energy has secured grid connection approval from AEMO for a 150MW solar-plus-storage site in Victoria.
May 8, 2025
7.15GW of renewables and energy storage projects have been granted access rights to connect to Australia’s first REZ in Central-West Orana.

Most Popular

Email Newsletter