REDT signs Manufacturing Agreement

RNS Number : 7604I

Camco Clean Energy PLC

04 June 2014

 



Camco Clean energy plc

REDT signs Manufacturing Agreement

Camco Clean Energy plc is pleased to announce that REDT, its subsidiary* ("REDT" or the "Company"), which has developed a flow battery for energy storage, has today entered into a manufacturing agreement ("Manufacturing Agreement") with Jabil Circuit Inc (JBL NYSE) ("Jabil"), one of the world's leading manufacturing solutions companies. 

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

Highlights

·      The agreement will provide a scale manufacturing capability that enables REDT to accelerate its market deployment plans and expects to be in a position to commence commercial sales in the near future.

·      Jabil will commence production of the REDT Battery in the UK.

·      The energy storage market is forecast to be worth >$10bn by 2017, 33% ($3.3bn) of this market is expected to be provided by vanadium flow batteries¹.

·      REDT successfully proved its flow battery technology in 2012, since then has demonstrated pilot systems and is contracted to build a 1.26MWh utility storage facility on the island of Gigha, Scotland which is expected to be delivered in H1 2015. 

REDT has developed a Vanadium Redox Flow Battery (the "Battery") which has important and unique benefits in managing the rapid worldwide growth in renewable energy generation.  The Company successfully proved its technology in 2012, since then the Company has completed demonstration projects in the UK and Portugal.  In 2013 REDT was awarded a contract to build a 1.2 MWh system on the Isle of Gigha.

Jabil contracted detailed technical due diligence, patent rights protection and market demand research on REDTs product prior to entering into the Agreement.

This purpose of this agreement is to support REDT and to provide it with a scale manufacturing capability that enables the Company to accelerate its market deployment plans and expects to be in a position to commence commercial sales in the near future.

David Kipling, Senior Director at Jabil, said:

"We are pleased to support REDT in the commercialisation of its product in such a high growth and important energy storage sector.  We have been impressed by detailed product development completed by REDT, in particular REDT's flow battery product in that it simply works and has been designed for key demand driven storage applications." 

Scott McGregor, Chief Executive Officer, Camco and Executive Chairman, 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." 

John Ward, Executive President, REDT, said:

"We are most excited that the REDT battery will now be able to be deployed at scale for our key applications: off-grid, renewable storage and grid support. We have been impressed with Jabil's skills and collaborative approach which will ensure we can be successful in the next phase of REDT's development. " 

Enquiries:

Camco Clean Energy plc                                          [phone]

Scott McGregor, Chief Executive Officer

Jonathan Marren, Chief Financial Officer

N+1 Singer (Nominated Adviser and Broker)                 [phone]

Andrew Craig

Ben Wright

Newgate Threadneedle

Caroline Forde, Josh Royston, Hilary Millar                    [phone]

About Jabil Circuit Inc.

Jabil, a publicly-held company trading on the NYSE, is one of the world's leading global manufacturing solutions partners.  It has 180,000+ employees across 33 countries, generated $18.3 billion revenue in the financial year 2013 and manufactures for many major global organisations including Cisco, Hewlett Packard, GE and Apple.

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is an experienced project developer working to develop, construct, deliver and operate projects that contribute to building a sustainable future.

With more than 20 years of successful project delivery we help clients in Asia, North America, Africa and Europe to implement clean energy and emission reduction solutions, reducing costs and maximise financial and environmental benefits. We have an outstanding track record in technical delivery and commercial expertise, working with local industry, multinational companies, governments and regulatory bodies.

About REDT www.redtenergy.com

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.

¹  Lux Research Inc. Reports, 2012 & 2013: “Global Grid Storage market”

 

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