14 Nov 2016 07:00
redT energy plc
("redT" or the "Company")
redT Proves Core Technology in Commodity Product, Completes Market Seeding phase
redT Gen 1 energy storage machines deployed in key applications across the UK, Europe and Africa
redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce the successful conclusion of its Gen 1 market seeding phase. The Company has now placed Gen 1 machines into key designated markets in the UK, Europe and Africa - working in partnership with a broad range of customers, from energy system contractors and project developers to utilities such as E.ON. In line with programme objectives, the Company has now proven both its small 40kWh and large 240kWh energy storage machines in the field.
To date, the Company has dispatched over 2MWh of storage for use in a wide variety of applications, working alongside solar and wind in both grid-connected and off-grid situations. This programme has enabled redT to prove its patented stack and system IP technology as a low cost contract manufactured commodity product, a key strategic milestone for an early stage technology company. The remaining Gen 1 systems will be placed where they can be utilised to prove new application market segments.
Additionally, as a result of the process, redT has transferred knowledge gained from Gen 1 installations into the development of the Gen 2 machines. This led to several improvements to the product including; design enhancements for manufacture, a reduction in the number of material components and an associated reduction in raw material and assembly costs.
redT has also used the programme to work with customers to prove the integration and commissioning process. For its small system, the Company has successfully integrated with an industry standard, low voltage power control system (PCS) and for its large system, successfully integrated with a low-cost, reliable, medium voltage PCS. Integrating with established industry power control systems is vital for customers to be able to access the advanced energy storage attributes of a redT energy storage machine.
This announcement concludes redT's market seeding phase by achieving the core programme objectives. Following the recent announcement of its first Gen 2 unit sale, the Company has now moved onto its priority focus, which is the delivery and commercial roll-out of its low-cost Gen 2 energy storage machines.
Scott McGregor, CEO of redT said,
"We are very pleased to have passed this strategic milestone of proving our core patented technology within a contract manufactured commodity product and completed the objectives of our market seeding programme. Importantly, redT is the first vanadium flow machine company to prove its technology in large commodity manufactured 240kWh energy storage machines, and this is crucial to the mass adoption of industrial scale energy storage.
I am very proud of the quiet, determined and consistent achievements of the redT team, who have worked exceptionally hard. After 12 years of research and development, we have successfully brought a new technology to market and it is a great accomplishment to have taken a product from early prototype stage through to a full manufactured, commercial product, which is ready for widespread adoption.
I would also like to thank our partners, customers and shareholders for their ongoing support and I look forward to updating the market on the roll-out of redT's Gen 2 product."
Enquiries:
redT energy plc | +44 (0)207 061 6233 |
Scott McGregor, Chief Executive Officer | |
Joe Worthington, Investor & Media Relations | |
Cenkos Securities plc | +44 131 220 9772 |
Nick Tulloch | +44 131 220 9100 |
Derrick Lee | |
Celicourt (Financial PR) Mark Antelme Joanna Boon Jimmy Lea | +44 (0)20 7520 9266 |
Notes to Editors
About redT energy
redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of up to 25,000 full charge/discharge cycles and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest 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 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 energy storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.
To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:
http://www.redtenergy.com/register-interest
For sales enquiries, please email enquiries@redtenergy.com or call +44 (0) 207 061 6233