Energy storage firm RedT has hired former Green Investment Bank managing director for finance, Fraser Welham, as its chief financial officer.
The company, which makes Vanadium-based flow storage machines, has also hired Jean Louis Cols as technology director and promoted Dave Stewart to chief operating officer.
RedT, which is involved with a Centrica solar and storage co-location trial in Cornwall, hopes to scale its operations and sales over the next 12 months.
Prior to his role at the Green Investment Bank (now the Macquarie-owned Green Investment Group), Welham was group finance director at Element Power and spent 14 years at London-listed waste management company Shanks Group.
Jean-Louis Cols has 25 years experience in technology and product development, managing R&D and product development teams in fuel cells and energy storage systems for the last five years with Logan Energy and Intelligent Energy.
David Stewart was formerly the director for Strategic Investment at New York-listed Jabil Circuit Inc and has experience working with high growth technology product businesses including Hewlett Packard.
RedT’s current finance director, Scott Laird, will step down from the Board on 3 April. CEO Scott McGregor said Laird had been “invaluable” in ensuring strict financial discipline during the firm’s early growth phases.
McGregor suggested the firm would use the new management team’s collective experience to “capture the market opportunity in front of us.”
McGregor believes longer duration storage technologies will ultimately prove more useful to energy systems than shorter duration power technologies.
The company hopes to capitalise on new derating factors for battery storage within the UK capacity market, which mean that longer duration assets receive a higher percentage (up to 96%) of the price paid to power providers, while short duration assets receive as little 17% of the clearing price.