RED.L Share News (RED)

(Sharecast News) - Energy storage solutions company RedT Energy announced on Monday that its 1MWh vanadium flow and lithium-ion hybrid energy storage system was now installed and operational at a site in Melbourne, Australia.The AIM-traded firm said the system, situated at Monash University, was the largest behind the meter commercial and industrial energy storage system to be installed in Australia, and the first of its type to be commissioned worldwide.Comprising 900kWh, or 12 tank units, of vanadium flow machine technology, coupled alongside a 120kW C1-rated lithium battery, the system was located on the roof of the university's new biomedical learning and teaching building at Monash's largest campus in Clayton, Victoria.RedT said its energy storage solution sat "at the heart" of a pioneering microgrid, storing and dispatching energy from multiple sources, including 1MW of solar panels.It explained that, by utilising the complementary strengths of two storage technologies, the hybrid system would act as a flexible platform, integrating with building management systems and electric vehicle charging stations while enabling cutting-edge 'peer-to-pool' energy trading.The project was described as a core part of the university's net zero Initiative, which was described as an "ambitious, unprecedented" project which aimed to completely transform how the university used energy with a target of reaching net zero carbon emissions by 2030.RedT said the Australian energy storage market was estimated to be worth around AUD 30bn by 2030, with almost 400MWh of energy storage projects estimated to be installed in behind-the-meter commercial and industrial applications nationwide by 2022, according to industry consultants Delta-ee."Energy storage unlocking low cost renewables will bring about a significant reduction in energy costs for Australian businesses," said RedT Energy chief executive officer Scott McGregor."Monash University is leading the market with this pioneering project and we are proud to provide their integrated energy storage solution."This project will demonstrate the economic benefits of lithium as a short term power solution alongside flow machine technology which acts as heavy duty, baseload energy storage infrastructure, capturing more solar energy to reduce overall energy costs."Scott Ferraro, programme director of the 'Net Zero Initiative' at Monash University, said the organisation was "very happy" to be working with RedT on the "exciting" project."RedT's energy storage infrastructure is one of the core components of the microgrid being developed as part of our Net Zero Initiative, enabling us to dispatch renewable energy more effectively across the campus and help achieve our goal of net zero emissions by 2030," Ferraro said.