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With thanks to ts0mev over on Advfn
“Norton said that his customers “want to work with larger players with a reliable reputation”. Meanwhile, flow competitors RedT and Avalon Battery are hoping that a merger between their two vanadium redox flow energy storage technology and development companies will create a “global player” in the market.
will create a “ global player” in the market.
https://www.energy-storage.news/news/lockheed-martin-locked-onto-2020-flow-battery-launch
Lots of chatter about this subject .........if only we could get relisted!
PC
That sounds all or nothing to me. Hopefully Scotty's gone and with Avalon, the loan money and a clean slate they can make a go of it. Energy storage is the hottest topic around at the moment, if they can't do it now they never will.
Fortunately I sold for personal reasons in May last year and never saw the right moment to come back. Recently into Bushveld [sadly that's no recommendation, "I'm lost too!"] so saw the connection with RedT from that side. I'm not sure that Bushveld shows any sign of wanting to own VRFB manufacturers, but they do want to encourage the industry as it's a great long term market for them if it takes off. It looks like they trust Avalon a whole lot more than RedT. I wonder why!!
ATB everyone.
Interesting condition included: -
"In the event that the Merger and the Fundraising do not complete successfully, the terms of the Interim Loan provide that the principal amount of up to US$2.5m, together with interest at 12 per cent. per annum, becomes repayable to Avalon six months after any announcement by the Company that the Merger is no longer proceeding. redT has granted security over certain of its assets to Avalon as part of the Interim Loan."
Any decent BoD would not be taking any salary, specially after the years of extortionate salaries taken for huge failure, also the fact they have skimmed off the profitable sides of the business to line their own pockets. This however will not happen as thy are greedy folks who like the smell of free money, it's highly likely Bushveld will pocket this company for nothing, god help them maybe the little man Scott has already done a deal for employment... more likely it's some referral scheme via Camco Africa.
#scumbags
Strange....................perhaps not................that the company didn't send it out to all shareholders............before we found it ourselves!
Perhaps they will send a notification out soon !
PC
the website looks good, fingers crossed more news soon.
Site now updated and looks more professional with hopes for relaunch in 2020!
http://redtenergy.com/solutions/vanadium_redox_flow_machines/
Small steps......early days yet!
PC
Yes I agree. The market for longer duration storage is emerging however the majority of new markets seek ancillary services first so the short term demand will favour li-ion. Once a stationary storage market has been established through frequency regulation, etc. then renewable generation increases typically follow requiring the need for capacity shifting. Exactly where VRFBs (NOT MACHINES) can really begin to come into their own. The biggest factor is the influence of the steel industry. The Vanadium price spike in 2018 really hit the sector hard.
Scott free and with the carbon credit business in his pocket... and of course the other profit making sides of the business.
No matter what happens here, it will be loss making for years. Only winner is Scott and Kenna, those two crooks have the jewels paid for by share holders, who'd of thought it. Shareholders have nowt and seemingly happy with that. Bizarre.
I don't like to complain, but ... as shareholders (former shareholders?), supposed owners of the business, we seem to have had no say in the merger, have no idea what, if any, valuation has been placed on REDT as part of the merged business, and have no indication whatsoever of what our share, if any, of that business will be. In addition, no timescales or deadlines have been provided for any part of the process, and things only seem to be happen on an ad hoc basis, whenever THEY feel like it.
So no, not quite the BEST ever rns.
Still, mustn't grumble, eh?
Surprised but very pleased
With thanks to “tsOmev” over on Advfn for the heads up on the long awaited Anglian Water System!
OK its just being delivered and will need commissioning time yet!
But it’s at least the start of something positive!
https://twitter.com/redt_energy?lang=en
PC
loudspeaker - you mean the twitter reports here right ? - https://twitter.com/renew_economy/status/1195125699134283778
MKx - the key difference between the two approaches is that per kWh Li-ion prices are essentially fixed as you need to double the number of cells to get double the energy with a 'baked-in' Lithium-ion cell construction, whilst for flow batteries you only need to increase the amount of electrolyte in the tank. As a result there will always be a critical threshold duration above which VRFBs (and yes now that Scott has gone we can probably call them that here) always win on price.
The important point is that this threshold is less than 8 hours, perhaps as low as 4 hours now, and that as RNEL have pointed out, the largest market for stationary energy storage is for durations above 6 hours.
The are reports doing the rounds on twitter that all is not as it portrays with the following report.
And that some of the units have failed and are actually having to be replaced after just 2 years
Dyor
https://reneweconomy.com.au/tesla-big-battery-in-south-australia-is-about-to-get-bigger-54935/amp/?__twitter_impression=true
As a research analyst for energy storage, the cost comparisons are quite difficult.
Whilst li-ion batteries are cheaper than flow from the power perspective, as soon as you increase capacity 3-4 hours and above this is where flow batteries become competitive. They biggest problem is production at scale. Flow batteries simply don't have the capability of production that li-ion does. Therefore if demand becomes competitive, prices increase.
Around the 8-hour mark flow batteries are much cheaper than li-ion as the chemistry simply doesn't allow for this duration (not that it isn't possible, it's just expensive).
Well AIMforProfit when you do actually get prices for Lithium-ion batteries you should check to make sure they are really less than the $200 per kWh Capex quoted by Cellcube for 8 hour duration batteries.
McGregor may be leaving with a package. It is not clear to me that he will be sacked in its traditional sense. The RNS from the 15th March mentions scenarios around his departure .
So the only bit I can read that we have any real news on is:
“Further details concerning Larry's appointment as a director will be set out in the AIM admission document for the merged business which will be published in due course.”
Which could be next week or more likely next year!!
PC
He has got away Scot free with his millions though.
Scotty the fraud has Been booted off the board repeat Scotty the fraud has been sacked and will no longer have anything to do with Red after the merger. Great great news for everyone. The must of known how toxic and poisonous it would have been to keep him on. So so happy as I'm sure everyone will now be he's gone and being replaced with real talent from avalon and bmn overlooking things.
I haven't actually seen the figures myself, although I will get quotes in the coming weeks/month. I have been told by various technical advisors and other people within the renewables sector. Hopefully they're wrong!
AIMforprofit - where do you get the information that 4 hour duration lithium are cheaper than flow batteries ?
Unfortunately at a somewhat uninvestible price
We do a lithium battery . Gen 3 . Hybrid lithium and flow if needed.
Much higher opex with flow and much higher risk of parts failure. Ask someone at Red how their plants have been operating and the answer isn't what you want it to be. Still, I'm sure that will improve.
My point is that you can now get long duration lithium ion at cheaper than flow...so what's the point