9 Mar 2020 07:00
This announcement contains inside information
9th March 2020
redT energy plc
("redT" or the "Company")
Energy Superhub Oxford Project Update
Manufacture of 5MWh of flow batteries to commence, Vanadium partnership with Bushveld
Further to the announcement dated 22 July 2019, redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce that the Company has received a provisional notice to proceed from Pivot Power, an EDF Renewables company, in respect of the Energy Superhub Oxford Project. With notice granted, manufacturing of 5MWh of Vanadium Redox Flow Batteries (VRFBs) for the project can now commence.
In line with previous announcements, 2MW, 5MWh of Vanadium redox flow batteries will be hybridised alongside a large Lithium-ion system, provided by pan-European technology group Wärtsilä to create what will be the world's largest example of a lithium-ion / flow battery hybrid energy storage system and the UK's largest single deployment of flow batteries. The provisional notice to proceed was granted following satisfaction of a number of conditions including: the grant of planning permission, site surveys and preliminary contracting and procurement activity.
Energy Superhub Oxford (ESO) is a world-first project showcasing rapid electric vehicle charging, hybrid battery energy storage systems, low carbon heating, and smart energy management to support Oxford City Council in its journey to net zero. The 3-year, £41 million multi-partner project part-funded by the UK government's Industrial Strategy Challenge Fund is a pioneering model for the rapid decarbonisation of power, transport and heat in cities across the UK and worldwide.
For more information about the project visit: http://www.energysuperhuboxford.org/
redT is further pleased to announce that the Company has concluded an agreement with AIM-listed integrated vanadium producer Bushveld Minerals ("Bushveld") to create a vanadium financing partnership (the "Partnership"), which the Company intends to utilise to provide the vanadium electrolyte for the ESO project. The Partnership, which will be owned by redT and Bushveld, will take the form of a special-purpose vehicle structured to hold vanadium, then provide the option to rent that material to the Company's current and future commercial pipeline on a project by project basis. Within this framework, Bushveld has made an initial commitment to supply vanadium for approximately 15 MWh of VRFBs. Further details and developments will be communicated in due course.
Neil O'Brien, Executive Chairman at redT said:
"I'm very pleased to announce that we have moved to the manufacturing stage of this landmark project for the Company. Non-degrading, heavy-cycling energy storage has a key role to play in the decarbonisation of the world's major population centres, and I'm very proud that flow battery technology will play a key part in such an important project as the Energy Superhub Oxford."
Enquiries:
redT energy plc | +44 (0)20 7121 6111 |
Neil O'Brien, Executive Chairman | |
Fraser Welham, Chief Financial Officer Joe Worthington, Investor & Media Relations | |
Investec Bank plc (Nominated Adviser and Joint Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Cassie Herlihy
| |
VSA Capital Limited (Financial Adviser and Joint Broker) Andrew Monk / Andrew Raca / Simon Barton
| +44 (0)20 3005 5000
|
Hudson Sandler LLP (Financial PR) Nick Lyon / Toby Andrews | +44 (0)20 7796 4133 |
Notes to Editors
About redT energy
redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.
redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. For more information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT team on +44 (0)207 061 6233.
About Avalon
As previously announced redT energy plc is in the process of completing a proposed merger with Avalon Battery Corporation. Avalon was founded on the principle that productized vanadium-based flow batteries will revolutionize energy projects and play a critical role in a renewable energy future. With operations in Fremont, California, USA and Vancouver, Canada, and a low-cost manufacturing presence in Suzhou, China, Avalon produces dependable, safe, and economical energy storage systems.
Avalon believes the foundations of its product excellence are its technology and engineering team. Since 2005, its team has been one of the global leaders in design, production and deployment of vanadium flow batteries. The team now counts over 140 years' experience in vanadium flow battery development, has been involved in the deployment of over 15MWh of vanadium flow batteries since 2005, and has invented over 50 related independent patents. www.avalonbattery.com