RedT raises £5m via placing, seeks out new investors

3rd Oct 2018 14:40

(Sharecast News) - RedT shares tumbled on Wednesday after the firm announced it had raised £5.03m from a placing of 71.9m ordinary shares at a price of 7p per share.The AIM-listed energy storage outfit told investors it intends to use the proceeds of the placing to progress on the delivery of its current pipeline and provide it with the time needed to attract strategic partners.RedT believes that the major commercial advances made in recent months had increased the attractiveness of the company to large, global participants in this market and was now actively seeking out one or more strategic partners with global reach to support and fund the significant opportunities the group has been successfully developing."This approach will de-risk delivery compared to funding growth solely from existing equity shareholders, who have been extremely supportive to date," said McGregor"The fundraising announced today will give us the time to progress delivery of our current pipeline and to pursue investment from strategic partners to support and finance our growth plans."As of 1440 BST, RedT shares had slumped 13.45% to 8.11p.