20 Aug 2018 07:00
This announcement contains inside information
20 August 2018
redT energy plc
("redT" or the "Company")
Gen 3 sale to UK water company, Anglian Water
redT enters collaboration agreement to optimise energy storage across water utility facilities
redT energy plc (AIM:RED), the energy storage solutions company, announces the sale of a 300 kWh redT energy storage machine to Anglian Water alongside a collaborative partnership agreement to optimise energy storage across their water utility sites.
The company has received an initial commercial order for four Gen 3 units, which will be installed at one of the Company's water treatment sites in the UK. The units have a combined capacity of 60 kW of power and 300kWh of energy and will be coupled alongside approximately 500kWp of on-site solar. The installation will be used to optimise energy storage coupled with solar, as a pathfinder for future projects.
With over 1200 water treatment and water recycling centres, supplying services to over 6 million customers across the East of England, Anglian Water is geographically the largest water and sewage company in England and Wales. As the largest electricity user in the region, these machines offer a secure, future-proof solution for the customer acting as flexible energy storage infrastructure. This means the site can use significantly more on-site solar generation, leading to a reduction in energy costs, which is one of the most significant site operating expenditure in this sector. This is achieved by "firming" on-site solar generation, storing excess electricity generated by the PV panels for use at other times of the day. This allows the site to import significantly less energy from the grid, save money and reduce exposure to volatile energy pricing. The flexible, non-degrading nature of the redT machines also reduces risk for the customer from changing energy policy and variable energy prices over a 20+ year time horizon.
In addition to making secure infrastructure returns in this manner, the customer will also gain access to all available revenues streams within the UK grid services market providing valuable, merchant revenue upside for the project. These machines will optimise energy consumption for the site and stack together several revenue producing grid services, including Firm Frequency Response (FFR), and participation in the Capacity Market (in which flow machines receive the highest possible rating). Furthermore, the redT system can also be used for behind-the-meter arbitrage, energy trading and emergency site back-up.
The business model of using energy infrastructure to make energy savings over a 25 year period, with revenue gained from grid services as additional upside creates a valuable business case for this high energy-using sector.
Alongside financial returns, using the machines to maximise renewable energy use also assists large multi-site businesses in reducing their carbon footprint and achieving their sustainability goals.
Scott McGregor, CEO of redT said:
"redT is pleased to announce commercial sales of its Generation 3 product in the UK.
We are proud to partner with Anglian Water as a leading water utility to optimise energy storage coupled with solar to reduce energy costs.
Supplying over 1 billion litres of water and treating over 950 million litres of used water every day, we are pleased to be partnering with Anglian Water to roll out our flexible energy storage infrastructure to the water industry.
Cost of energy for industry in the UK continues to increase and it now makes simple commercial sense to embrace solar and energy storage as infrastructure to reduce energy costs to business."
The size of the UK I&C distributed energy market is estimated to be in the range of 3,000 GWh total (calculated using 2016 Digest of UK Energy Statistics (DUKES) data).
Enquiries:
redT energy plc | +44 (0)20 7061 6233 |
Scott McGregor, Chief Executive Officer Fraser Welham, Chief Financial Officer | |
Joe Worthington, Investor & Media Relations | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0)20 7597 5970 |
Jeremy Ellis / Chris Sim / Alexander Ruffman
| |
VSA Capital (Joint Broker) Andrew Monk / Andrew Raca | +44 (0)20 3005 5000
|
Celicourt Communications (Financial PR) Mark Antelme Jimmy Lea Ollie Mills | +44 (0)20 7520 9266 |
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. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com
For sales, press or investor enquiries, please contact the redT team on +44 (0)207 061 6233.