RED-T, a Clontarf, Dublin, Ireland-based developer of flow battery technology, has raised €900k in funding.
The round was led by the Dublin BIC-managed AIB Seed Capital Fund, with participation from Enterprise Ireland and John Ward, the company’s CEO and co-founder.
As stated by Scott Mc Gregor, RED-T Director and CEO of CAMCO, the majority shareholder of the company, the round was a major step towards commercializing the technology.
With an R&D facility in Reading, England, RED-T has developed a Vanadium based flow battery technology, which enables the cheap and efficient storage of electrical energy in liquid form. The initial markets will be the remote power and communications market.
Initial customers are located worldwide, including in Brazil, Czech Republic, France, Germany, Ukraine, Russian Federation, Italy, Spain, Saudi Arabia, Indonesia, and The Phillipines.
FinSMEs
16/12/2011