lots happening..28 Nov 2014 05:41
Cce...lots happening....
UPDATE: INTERVIEW: Camco Grow Battery Business, Industry To Be Worth GBP10 Billion
Fri, 26th Sep 2014 12:14
LONDON (Alliance News) - Camco Clean Energy PLC is set to grow its energy storage business, expected to take-off next year, and its consultancy services in Africa through further mandates, whilst relying on its US gas power plants for reliable income, Chief Executive Scott McGregor told Alliance News.
Camco is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology. It has operations in the US and across Africa alongside its Renewable Energy Dynamics Technology Ltd energy storage business.
The REDT subsidiary spent 14 years developing the long lasting, environmentally friendly Vanadium Redox flow battery which can be used for a number of applications, including increasing the reliability of renewable energy or for off grid energy solutions.
On Wednesday, the company reported a narrowed pretax loss to EUR1.1 million for the first-half of 2014, down from EUR2.7 million in the same period of 2013. Revenue totalled EUR4.8 million in the first-half, from EUR5.1 million in the comparable period in 2013.
"We will continue to focus on a tight control of costs so that the growth we anticipate from our core businesses flows through to results for the benefit of all shareholders," said CEO McGregor in its statement Wednesday.
Administrative expenses totalled EUR3.4 million in the first six months of 2014, compared to EUR4.8 million in the first half of 2013. "We have also reduced the headcount in the business," Chief Financial Officer Jonathan Marren told Alliance News.
Looking ahead the company remains confident the potential for growth, "The global energy storage industry is to be worth USD10 billion in 2017, a third of that is expected to be vanadium flow battery share," said McGregor.
"We waited until we could manufacture the battery on a large scale to make it cheaper. Jabil, the second largest global manufacturer has allowed us to reduce the cost by 40%. This is important as there is only one other company, based in Austria, who have been selling the technology for two years, and although we have different patents, the underlying technology is the same. The only difference between the two systems is that we are 40% cheaper," added McGregor.
Jabil has over 60 manufacturing facilities in 33 nations worldwide, giving Camco access to a global logistics and delivery system. Camco also sells the product in various sizes, from 5 kilowatts to 5 megawatts for different markets, it said.
The company has launched a trial with ten customers - expected to complete early next year - with a 5000 unit pipeline between 2015-2017. "The sales of the batteries is to be fully realised next year, expect a sales announcement soon," said M
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