RedT has confirmed that Avalon Battery chief executive Larry Zulch will lead the combined entity should its proposed merger complete, with Scott McGregor set to depart at the end of the year.
In a statement this morning, redT confirmed that both McGregor and non-executive director Jeff Kenna would be leaving the company on 31 December 2019, having both spent more than a decade at the vanadium flow machine specialist.
Neil O’Brien, executive chairman at redT, is to continue to manage the company during an interim period prior to the merger’s completion, alongside CFO Fraser Welham. McGregor meanwhile will continue to assist the firm during a transition period and work on a number of “key commercial projects”, the company said.
O’Brien said it was time for a “new chapter” at redT, welcoming the “wealth of valuable experience” Zulch stands to bring to the storage firm’s top table.
Both McGregor and Kenna have been long-time employees at redT, having joined the company in 2006 and 2009 respectively. McGregor initially served as CFO before taking the reins as chief executive in 2009.
Talks between redT and Avalon – supplier to solar company NEXTracker for its solar-plus-storage solutions – over a potential merger, started in July this year. AIM-listed redT has been in an 'accelerated search for funding' since running into financial difficulties.
Speaking today, Avalon CEO Zulch said it was “difficult to imagine a more complementary combination” than the two companies.
“Together, we aim to form the preeminent force in vanadium redox flow batteries. I'm excited to work closely with the redT team to build an organisation that will dramatically benefit our combined customer base, both current and future, contribute positively to the global energy transition, and generate long-term value for shareholders,” he said.