Proposed change of name to RedT Energy plc

RNS Number : 2461E

Camco Clean Energy PLC

03 November 2015

 

3rd November 2015

Camco Clean Energy plc

("Camco" or "the Company")

Proposed change of name to RedT Energy plc

Name change reflects Company's core focus on commercialising its RedT energy storage product.

Camco Clean Energy (AIM: CCE), today announces its intention to change its name to RedT Energy plc. The name change reflects the Company's core focus to commercialise RedT's energy storage product. 

After an extensive period of research, development and prototyping, RedT has recently delivered its first manufactured production unit. This launches RedT into the commercialisation phase of its business and accordingly is an appropriate time for a change in the holding company name to reflect this focus.  

The Company will continue to operate and develop its African clean energy business activities under the name Camco Clean Energy, independently as a subsidiary of RedT Energy.

The proposed change in name is subject to shareholder approval at a General Meeting to be held at 11.00 a.m. on 24 November 2015 at Suite 4.12, Clerkenwell Workshops, 31 Clerkenwell Close, London EC1R 0AT. Following the approval by shareholders of the change in name, the Company also intends to change its EPIC/TIDM from "CCE" to "RED".

Scott McGregor, CEO said: "RedT Energy, now in its commercialisation phase, brings to the market a highly sought after long duration and heavy duty stationary energy storage product.  The name change of the Company to RedT Energy communicates clearly our product to energy storage customers and investors."

 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.

Over the past 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 that 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, the 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.

Up 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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