Energy storage firm RedT says it has secured conditional commitment from an infrastructure fund to invest around €37m (£33m) to finance some 60MWh of its flow storage units.
The company aims to close the deal by the year end. If it goes ahead, it would enable the company to build around 800 of its flow storage units, which would be used to provide grid services in Germany and Austria.
The company said this summer that it had signed an agreement to provide two grid-scale storage projects with with developer Energy System Management GmbH (ESM), part of WWF solar. If it can find the financing, that deal could see RedT deliver around 700MWh of large projects in the future.
In a stock market update, the company said it is “working to secure and deploy finance across a $120m (£92m) initial development portfolio of energy storage infrastructure projects in the near term”.
Chief executive Scott McGregor claimed that proving its third generation product is suitable for grid-scale storage and that infrastructure funders have appetite for those kind of assets, puts the company “in a strong position to secure further orders and bring in additional finance”.
McGregor told The Energyst earlier this year that the company planned to deploy grid scale flow storage in the UK, and will “deliver at least one such project in the UK in 2019”, which will likely be in the region of 10MW.