RedT energy ceases compliance business

RedT energy said it would cease operating its carbon trading compliance operation to concentrate on its core energy storage business.

No new carbon contracts would be taken on by the compliance operation, Camco Carbon, from January 10.

The business produced revenue of €6.8m in the year through December 2016, and €2.6m in the six months to June 30, 2017, with marginal net positive Ebitda being achieved in both periods.

"As such the cessation of Camco Carbon activity will have no material ongoing Ebitda impact on the company," RedT said.

The company said it had also sold its interest in the Camco Africa investment advisory business for a nominal sum.

"Today's announcement confirms our focus as a pure-play energy storage company, on our rapidly expanding energy storage business and the natural, orderly divestment of our legacy and non-core business activities," chief executive Scott McGregor said.