REDT Energy wins Irish Times innovation award

RNS Number : 0204L

Camco Clean Energy PLC

22 April 2015

 



22 April 2015

Camco Clean Energy plc

("Camco" or "the Company")

REDT Energy wins prestigious Irish Times innovation award

Camco Clean Energy (AIM: CCE) is pleased to announce that REDT Energy* has been awarded a major prize at The Irish Times InterTradeIreland Innovation Awards 2015.

REDT's patented liquid energy storage system, which stores and generates energy efficiently and inexpensively, won the 'Energy & The Environment' category. The REDT storage system addresses energy storage needs of medium to large applications for renewable energy, off-grid diesel replacements and capacity reserve & grid support.

Over 220 guests attended the event at Belfast City Hall including Northern Ireland's Minister for Enterprise, Trade and Investment Arlene Foster. In addition to the award, REDT Energy will receive a €10,000 Irish Times media package.

The Awards, which is in its sixth year, is designed to showcase and reward excellence in innovation across a range of products and services throughout Ireland.

Aidan Gough, InterTradeIreland Strategy and Policy Director, who presented the Company with its award said:

"Across all sectors, innovation gives companies a competitive advantage and opens up new opportunities for them.  We know that innovative companies generate growth and create jobs and that is why it is so important to foster a culture of constant innovation. We look forward to following the future success not just of our winners, but all of the nominees and the pioneering companies which entered the competition."

Michael McAleer, Innovation Editor at The Irish Times, said:

"Year after year, it's tremendous to witness firsthand the creativity, the skills and the dedication which all the nominated companies bring to their endeavours. This year was no different and the Awards provided a wonderful showcase for our innovators and their wide range of groundbreaking products from all over the island of Ireland. Many of these companies will no doubt go on to become industry leaders".

John Ward, President of REDTenergy, said:

"The key to unlocking wind renewable generation across Ireland is viable and cost effective energy storage which is what we are delivering with our patented technology."

For more information on all the winners or to view all the shortlisted videos, please visit www.irishtimes.com/blogs/innovation-awards

Enquiries:

Camco Clean Energy	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
FinnCap Ltd (Nominated Adviser and Broker)	[phone]
Julian Blunt (Corporate Finance) Tony Quirke (Corporate Broking)
Newgate (Financial PR)
Tim Thompson, Helena Bogle, Edward Treadwell	[phone]

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 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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