Two flow battery companies are about to complete a months-long effort to combine forces.
It's a rare instance of elective M&A in this challenging sector of the energy storage industry, where acquisitions often happen after a bankruptcy or insolvency.
North America’s Avalon Battery will absorb publicly traded British company RedT Energy through a reverse takeover, pending shareholder approval. Both companies have produced vanadium flow battery products and achieved initial commercial deployments; the move will pool resources in the new brand Invinity Energy Systems.
Both RedT and Avalon declined to comment on the transaction.
The goal, as described in a securities filing, is to create “the world's leading vanadium flow battery company.” Given the state of the competition, that may well be achievable - Link
North America’s Avalon Battery will absorb publicly traded British company RedT Energy through a reverse takeover, pending shareholder approval. Both companies have produced vanadium flow battery products and achieved initial commercial deployments; the move will pool resources in the new brand Invinity Energy Systems.
Both RedT and Avalon declined to comment on the transaction.
The goal, as described in a securities filing, is to create “the world's leading vanadium flow battery company.” Given the state of the competition, that may well be achievable - Link
No comments:
Post a Comment