20 Mar 2018 07:00
This announcement contains inside information
20 March 2018
redT energy plc
("redT" or the "Company")
redT selected as storage technology partner for large-scale tidal project
redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce that it has been selected by a consortium of European companies to be the primary energy storage technology provider for a large scale tidal generation project in the UK.
The project, for which a 0.6MW, 3MWh redT flow machine system has been selected, remains subject to finance and formal contract awards. The EU project will demonstrate the technical and financial feasibility of using tidal energy plus energy storage to provide reliable, renewable baseload energy. redT will contribute research, analysis and optimisation of tidal and flow machine technology to provide base load power.
Tidal generation is cyclical, depending on the moon's position and phase, with two high and two low tides occurring each day. The third hour of each tidal flow offers the highest power, occurring approximately every 6 hours. Given the nature of the application, a heavy cycling, non-degrading energy storage asset such as redT's was favoured over less robust battery alternatives.
This is a key development for the Company and is an affirmation of the business case, created by redT's energy analysts, for the use of flow energy storage alongside tidal generation. Having proven the financial viability of solar coupled with storage, this achievement is a key signal that tidal power coupled energy storage projects are a suitable technology match.
This project is planned to be fulfilled by redT's 3rd Generation product, to be delivered in 2018. Large projects such as this demonstrate how flow machine technology can scale to address base load energy requirements. It is also consistent with redT's corporate strategy of expanding into large projects during 2019.
Scott McGregor, CEO, redT energy commented:
"Flow machine technology is ideal for heavy daily use alongside renewables. Our expert energy storage team has done a great job of revolutionising how to couple solar and energy storage in the UK to reduce electricity costs for industrial customers. This project launches us into a new market alongside tidal generation to produce base load energy.
Tidal generation provides a consistent, regular supply of energy, ideal for coupling with our industrial energy storage machines to supply 24 hour base load energy, a service which is difficult to provide with conventional power-centric batteries.
Whilst redT has to date, focussed on delivering smaller projects in the commercial and industrial customer market, this project is an example of how flow technology can easily scale to large projects and is consistent with our strategy of scaling redT's technology to deliver large projects."
Enquiries:
redT energy plc | +44 (0)20 7061 6233 |
Scott McGregor, Chief Executive Officer |
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Joe Worthington, Investor & Media Relations |
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Cenkos Securities (Nominated Advisor & Broker) | +44 (0)131 220 9100 |
Derrick Lee |
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VSA Capital (Investor Relations Advisor) Andrew Monk |
+44 (0)20 3005 5000 |
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Celicourt Communications (Financial PR) Mark Antelme Jimmy Lea Ollie Mills | +44 (0)20 7520 9266 |
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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 systems which create 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 operating machines deployed with 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 offices in the UK, Africa 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.