AGM Trading Update and Site Visit

RNS Number : 4720U

Camco Clean Energy PLC

30 July 2015

 



30 July 2015

Camco Clean Energy plc

("Camco" or "the Company")

AGM trading update and site visit

Camco is pleased to provide a trading update prior to its AGM to be held on 3^rd August 2015. Additionally, Camco is hosting a site visit today relating to REDT (Camco's energy storage business) for investors at the premises of its manufacturing partner Jabil Circuit, Inc. ("Jabil") in Livingston, Scotland.

REDT energy storage

Production at the Jabil facility is well underway with twelve customer units being manufactured in parallel for production in 2015. These include; one 1.68 MWh unit, one 240 kWh unit and ten 40 kWh units.

Stack production has been completed across all units and these stacks have been tested successfully, the REDT stack is the core technology and IP of the REDT vanadium energy storage system. Production work on other system components is well underway at Jabil's facility and sub-contractors' facilities, including production of tanks, piping and containers.

The 2015 REDT production is focussed on delivering market seeding units to place at customer locations with a view to demonstrating REDT's vanadium energy storage systems for key market segment applications. These units will be placed across different geographies, customer segments and technical applications including combining wind, PV and diesel generators on both grid, weak grid and off-grid environments.

So far, REDT has announced the placement of four of its 12 customer market seeding units; Gigha 1.68MWh system for a Scottish wind utility application, Thaba hotel 240kWh for an African diesel weak grid application, Green Acorn 40kWh for a UK PV dairy farm application and one unit will be delivered to the company's development facility in Wokingham to be connected with PV. REDT is in discussion with customers to place the remaining eight systems currently in production and is carefully selecting the best locations for them. This approach should position the REDT storage system for maximum follow-on sales opportunities. The remaining eight placements will be announced later this year as they occur.

Africa Clean Energy

The company continues to focus on transforming its African's clean energy business to advise on the placement of finance into renewable and energy storage projects across Africa.  Camco's African business has been pivotal in identifying energy storage opportunities for REDT energy.   Africa, with its large off-grid distributed energy market, is a key early adopter of energy storage products.

US Clean Energy

Camco's US operations are focused on the performance of the US carbon business which is due to receive conditional payments from the US Carbon Credit Portfolio sales announced on 28 May and 2 June 2015.   The Board continues to evaluate strategic alternatives to realise additional value from its other US biogas business activities.  This would provide additional resource to enable further investment in Camco's other activities, namely REDT, its energy storage business.

The Company confirms that no new material information will be disclosed at the site visit today.

Scott McGregor, CEO of Camco said,

"We welcome investors visiting our production facility today at this exciting time for REDT. Vanadium flow batteries have long been earmarked as the most suitable low cost and durable technology for long duration and high cycling storage. After 15 years' of thorough and cautious development, REDT commercially enters the flow battery sector this year as a major participant, producing 12 units across the small, mid and large product range for key customer demand applications."

Enquiries

Camco Clean Energy plc	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
finnCap Ltd	[phone]
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Newgate	[phone]
Tim Thompson
Helena Bogle
Ed Treadwell

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology.

With 25 years of experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and reduce emissions.

In the last year, Camco has brought an advanced energy storage technology to market (REDT energy), secured an investment advisory fund mandate for African renewables, and has developed utility scale biogas plants in the US.

About REDT

REDT has developed a new and proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form.  The multi-valent properties of the Vanadium Redox electrolyte are used to provide a storage medium of virtually unlimited life with a system able to last more than 10,000 deep charge/discharge cycles. Combined with its very low maintenance requirements, REDT systems are able to deliver some of the lowest Total Cost of Ownership (TCO) results in the industry. Long discharge durations are achieved by the simple addition of extra electrolyte capacity at a relatively low marginal cost.

Until now it has not been possible to directly compare variable RE generation with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable the complete displacement of conventional fossil fuel power with renewable generation. The REDT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49% in REDT.

 

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