RedT Energy PLC redT selected for large-scale tidal project (2120I)
20 March 2018 - 6:01PM
UK Regulatory
TIDMRED
RNS Number : 2120I
RedT Energy PLC
20 March 2018
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 3(rd)
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
Joe Worthington, Investor
& Media Relations
Cenkos Securities (Nominated
Advisor & Broker) +44 (0)131 220 9100
Derrick Lee
VSA Capital (Investor Relations
Advisor)
Andrew Monk +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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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