The syndicated investment comprises co-investment by the AIB Seed Capital Fund, Enterprise Ireland and the CEO of RED-T.
RED-T is headquartered in Clontarf, Dublin, and has an R&D facility in Reading, England. The company has developed a unique Vanadium-based flow battery which enables the cheap and efficient storage of electrical energy in liquid form. This represents a paradigm shift in energy storage, and ultimately the complete displacement of conventional fossil fuel power with renewable generation.
Because the technology relies on the reaction of different valence forms of the same element, Vanadium, the system has unlimited life, with very long cycle life between component replacement (around 10,000 full cycles). This enables the sustainable storage of energy, and for the first time ever, provides the ability for an energy user to completely shift to renewable power sources, the firm said in a statement.
The initial markets for the system will be the remote power and communications market, which is valued at an estimated $6.8bn. Initial customers for the system are located worldwide, including in Brazil, Czech Republic, France, Germany, Ukraine, Russian Federation, Italy, Spain, Saudi Arabia, Indonesia, and The Phillipines.
Alex Hobbs of Dublin BIC said, “We are delighted to see Dublin BIC provide investment in a company like RED-T who are at the forefront of manufacturing energy storage technology for major international customers. This technology is of global importance for energy security, the move to renewable generation, and the creation of a low carbon economy. It is the missing enabling element that has eluded all industrialised nations in their commitment to creating a low carbon economy, and reducing emissions from power generation.”
Greg Treston, head of high potential start-ups at Enterprise Ireland, added, “Enterprise Ireland is delighted to have supported this highly innovative, export oriented company. This is an exciting project, led by an ambitious team, with a keen focus on anticipating and satisfying customer needs. We look forward to working closely with RED-T in developing this project and building their international growth.”
The AIB Seed Capital Fund was established in 2007 under the Enterprise Ireland Seed and Venture Capital Programme 2007-2012 and has a total of €53m under management to provide seed and early stage capital for innovative companies across a range of sectors throughout the Republic of Ireland.
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