RedT has confirmed it has agreed outline terms for a reverse takeover of fellow vanadium redox flow battery firm Avalon, a move which the firm said would create a “leading player” in the energy storage market.
The future of vanadium flow machine company redT has been plunged into doubt after it launched a strategic review of its ongoing business.
Four months after its CEO declared to Energy-Storage.News that hybrid vanadium redox flow-lithium systems would be the “optimal” way to deliver multiple applications for energy storage, redT has delivered equipment to its first such project.
While lithium-ion is rapidly racing ahead to become the “de facto grid storage solution” and is the most popular technology choice by far, vendors of other types of batteries are also targeting the market, with varying degrees of success.
The British government Department for Business, Energy and Industrial Strategy (BEIS) and energy regulator Ofgem have today released plans for a major upgrade of the UK’s energy system, while a separate huge funding opportunity for battery innovation has been broadly welcomed by industry.