- Energy storage company redT said Thursday first-half performance was in line with guidance despite reporting wider losses as a ramp up in operations increased costs.

For the six months to 30 June, the company reported a loss before tax of £5.82m, compared with a loss of £3.21m a year earlier, while revenue rose 33% to £1.2bn.

The wider losses arrived on rising costs as the company ramped up hiring and product development in its quest to become an energy storage expert as well as a supplier of its own patented energy storage machines.

The company's administrative expenses rose 76% increase to £5.5m. 'redT has validated its commercial and grid scale energy storage solutions with the recent deals in Germany and with Anglian Water and the UK public sector confirmingthe suitability of redT's technology for both "mega projects" at grid level and as a long-term infrastructure solution for the Commercial and Industrial sector. redT will now focus for the near term solely on deployment of its Gen 3 product,' said redT CEO, Scott McGregor .

At 9:55am: [LON:RED] RedT Energy PLC share price was -0.9p at 8.3p

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