RedT Energy PLC Completion of Market Seeding Phase (0260P)
14 November 2016 - 6:00PM
UK Regulatory
TIDMRED
RNS Number : 0260P
RedT Energy PLC
14 November 2016
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
This information is provided by RNS
The company news service from the London Stock Exchange
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