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redT energy losses widen

By BFN News | 07:56 AM | Thursday 17 May, 2018


redT energy, the energy storage technology company, made a trading loss of €6.9m in 2017, compared with a loss of €5.3m the year before, as a result of its operational expansion. Despite delays in the ramp-up of the redT revenue, caused by longer than expected initial production times resulting from delays in recruitment of key engineering resources, group revenue grew by 9% to €11.8m. Scott McGregor, chief executive officer, said: "Much of our focus during the period was on building out our functional teams for growth, to ensure that we have the resource in place to take advantage of our market leading position in the energy storage sector. We have strengthened our engineering, R&D, software development and business development teams and made a number of key strategic senior hires, that we believe give us unrivalled expertise in the storage market. "We are excited about the launch of our margin generating Gen 3 product later this year and we look forward to delivering further commercial success and contract wins for our stakeholders in due course." Story provided by StockMarketWire.com

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