Two Further Unit Contracts

RNS Number : 8846I

RedT Energy PLC

14 December 2015

 

14 December, 2015

redT energy plc

("redT" or the "Company")

redT energy contracts for two further energy storage systems

redT (AIM: RED.L), the energy storage technology company, is pleased to announce its latest orders to deliver 5-40kWh energy storage systems to two separate customers, the first of which has already been shipped from the manufacturing facility in Scotland.

The first of these units is being delivered to a major German commercial building services and products firm with an international footprint. The customer intends to integrate the energy storage system with a solar photovoltaic system ("PV") within a building at one of their major locations in Germany which will be available for demonstrations to other potential European customers.

The second order is from one of Europe's largest utility companies, operating throughout the UK.  This unit will be delivered to a warehousing and logistics company in the South West of England. The utility intends to trial the system to demonstrate improved payback on the customer's existing PV installation, by enabling the storing of power for self-consumption or export at periods of high electricity price, and the battery will also be used to minimise the customer's fees related to site import capacity. Alongside the analysis of these benefits, installing the system will allow examination of the potential for the use of flow batteries in value added grid/ancillary services, and it will also allow the charging and integration of multiple electric vehicles (cars, vans and forklifts) from the on-site PV.

Scott McGregor, CEO of redT said,

"Our strategy for 2015 remains to close orders for market seeding units and place these into key application markets which have strong demand for storage.

The two orders announced today are our sixth and seventh market seeding units and extend the breadth of applications and jurisdictions where these units will be operating.

We are pleased to enter into the agreement with the major European Utility which will allow them to gain invaluable experience operating our energy storage system in a commercial environment and provide them with detailed technical and operational data to establish where the system could be deployed on a much wider scale."

Enquiries:

redT energy plc	[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)
Celicourt (Financial PR) Mark Antelme	[phone]

About redT

redT develops and supplies durable and robust energy storage systems based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of over 10,000 full charge/discharge cycles and a 100% usable depth of discharge. Combined with low maintenance requirements this delivers industry leading levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.

Until now it has not been possible to directly compare variable renewable energy generation sources 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 a distributed energy network optimising conventional and 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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