redT receives conditional funding commitment for 60 MWh battery storage project in Germany

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redT energy plc has announced that it has received a conditional commitment letter from an energy infrastructure fund to invest, together with its partners, approximately EUR37 million (US$42 million) for 100% financing of the first project to be deployed of a total 700 MWh portfolio of grid-scale energy storage projects in Germany.

This first project will use 800 redT units with a combined capacity of approximately 60 MWh to supply Secondary Control Reserve and other grid services to the German and Austrian market.

This conditional commitment has been provided by the fund following a detailed review of the project data room documentation. All parties are committed to moving forward rapidly with this opportunity with financial close targeted by 31 December 2018.

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