RedT chief executive Scott McGregor is to leave the firm at the year end, along with non-executive director Jeff Kenna.
The exits come ahead of the flow storage company’s merger with Avalon and follow an announcement earlier this month that it had secured funding required to continue as a going concern. Should the merger complete, Avalon CEO Larry Zulch will lead the combined company.
McGregor stepped down from the company’s board in March as it embarked on an earlier make or break fundraising round, though remained as CEO. In a statement, RedT said McGregor would assist with the deliver of key commercial projects during a transition period.
Prior to completion of the merger, the executive management team headed by Neil O’Brien, executive chairman and CFO Fraser Welham, will continue to manage RedT.
O’Brien thanked both Kenna and McGregor for their work in developing RedT’s flow storage operation and said it is “now time for a new chapter.”
Avalon CEO Larry Zulch said the merged company “aims to form the preeminent force in vanadium redox flow batteries.” He also thanked McGregor for “years of service and his support of the merger and integration process”.
McGregor effectively took the company from R&D stage to the cusp of commercial success in a bid to create long duration storage solutions that provide acceptable return on investment. The company has delivered flow storage units to Monash University, and has 1MWh of units connected as part of Centrica’s Local Energy Market trial.
It has an order for 300kWh from Anglian Water, a potential multi-megawatt arrangement with Statkraft and is also tasked with delivering a 2MW/5MWh flow solution as part of a hybrid battery for the Oxford Superhub project.