LONDON (ShareCast) - Camco Clean Energy shares moved higher on Wednesday morning after announcing that its 49%-owned subsidiary, REDT, has entered into a manufacturing agreement with Jabil Circuit, a manufacturing solutions company.

Under the deal, Jabil will support REDT in the commercialisation of its Vanadium Redox Flow Battery and will provide it with a scale manufacturing capability, enabling it to accelerate its market deployment plans. Jabil will begin production of the battery in the UK.

REDT expects to be in a position to begin commercial sales in the near future.

Scott McGregor, the Chief Executive Officer of Camco and Executive Chairman of REDT, said: "We have taken a patient and quiet approach developing the REDT product. After a lengthy quality research and demonstration phase the REDT battery is now ready for commercialisation.

"Outsourcing our manufacturing, as a non-core skill, to such a credible and quality partner as Jabil will ensure we can commercialise a high quality REDT battery at large volumes which can meet the strong demand for storage."

The share price jumped early on, although was up just 1.05% to 6.69p by 09:05.

NR

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