RedT's first manufactured prod system delivered

RNS Number : 9462D

Camco Clean Energy PLC

30 October 2015

 

30^th October 2015

Camco Clean Energy plc

("Camco" or "the Company")

RedT's first manufactured production system delivered

RedT Energy (Camco's energy storage business) ("RedT") is pleased to announce the delivery of its first Jabil manufactured storage system to its Wokingham development centre. This is a 40 kWh storage system and will be connected to PV generation.

RedT has, over the past year, been developing a suite of modular production optimised storage systems as part of a market seeding programme. This programme involves placing 19 storage units into key application markets and geographies, all of which have strong and varying demands for energy storage. These market seeding units are being manufactured by Jabil at their facility in Scotland. RedT has successfully proven the prototypes of its technology and this next stage for RedT is wider commercialisation by placing these fully manufactured modular market seeding units into key customer applications.

The 40kWh Unit delivered yesterday is the first of the market seeding units to be delivered on site and will be installed and commissioned at RedT's development facility. This Unit will remain, for the near term, at RedT's development centre to showcase RedT storage system functionality to prospective clients. The development centre is easily accessible for local customers and international customers via Heathrow airport.

The storage technology of RedT's proprietary vanadium flow battery  has one of the lowest available levelised costs of energy storage over the lifetime of the system. The low cost manufacturing of the technology and its successful implementation into customer applications is expected to lead to strong future customer demand for RedT's energy storage system.

Camco recently acquired the remaining effective voting control in in RedT and now has an effective economic interest in 97.1% of RedT Energy, as announced on 14^th October 2015. 

Scott McGregor, CEO of Camco said,

"I am delighted to announce that today marks a key milestone for RedT in delivering our first manufactured production unit. After 15 years of research, development, prototyping and testing, the system is complete enabling RedT to move the business into the commercial phase through delivery of its first product. 

We look forward to being able to show our customers the manufactured unit and start the sales cycle of the business.

I'd like to personally thank the hard work of RedT's design team and the Jabil production team to deliver this first unit."

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.

* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 97.1%  in RedT.

About RedT energy

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.

 

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