TIDMRED
RNS Number : 4841S
RedT Energy PLC
03 October 2017
This announcement contains inside information
3 October 2017
redT energy plc
("redT" or the "Company")
Sale of 1MWh hybrid system as redT enters Australian market
redT to supply first vanadium flow/lithium hybrid energy storage
solution to Australia
redT energy plc (AIM:RED), the energy storage technology
company, is pleased to announce the sale of a 300kW 1MWh hybrid
energy storage system for Monash University in Melbourne,
Australia. This is the first time a vanadium flow / lithium hybrid
energy storage system has been deployed in Australia and marks
redT's entry into the burgeoning Australian market for energy
storage which we currently estimate at between AUD $20-30bn, up to
2030.
The system, which comprises 900kWh of redT flow machines coupled
with a 120kW C1-rated lithium battery, will be deployed as an
active energy storage infrastructure asset at the University's new
11,400 m(2) Biomedical Learning and Teaching building, which will
house state-of-the-art biomedical research laboratories over 4
floors. Coupled with on-site solar PV assets, the system will be
used to maximise the university's utilisation of renewable energy
to significantly reduce energy costs for campus buildings. This
will generate significant savings for the site and also open up
potential new revenue streams, in the form of both contracted and
merchant grid services in the future. The system will be used as a
'flexible platform' and will become part of the "Monash Microgrid",
in partnership with Monash Energy Materials and Systems Institute
(MEMSI). The project aims to integrate distributed renewables on
Monash's campuses to increase reliability and stability within the
local grid and in the future, allow for innovative, market based
peer-to-peer energy trading.
By combining redT's vanadium flow machines with lithium
batteries, the individual strengths of the two complementary
technologies can be harnessed and provide a complete and
financially robust energy storage solution. Whilst lithium
batteries are able to deliver high power requirements, they can
only be used for short periods and their usage must be carefully
managed, due to their short life span. Flow machines, by
comparison, address the weaknesses of Lithium batteries. Flow
machines have electrolyte that never degrades and are therefore
well suited to high-energy applications over many hours, like
'solar firming', which involve heavy daily cycling. Combined, the
flow machine can act as the 'workhorse', doing 80% of the work each
day, whilst the lithium element can be used infrequently to provide
the final 20% of the power requirements. By taking this approach,
both technologies can be used in harmony to provide customers with
the the lowest cost and best technical solution which satisfies all
customer's needs.
Scott McGregor, CEO, redT energy commented:
"We are very proud to announce the sale of our first hybrid
energy storage system as part of the operating infrastruce of a
high energy use building. Monash University is one of the worlds
leading Universities with over 70,000 students and 11 campuses
across the world.
This project demonstrates "Energy storage" Flow machines
integrated with "Power storage" Lithium batteries to meet the full
range of customer requirments. The Australian market has recently
embraced Lithium batteries as a very useful "Power" intensive
technology, suitable for high power applications and infrequent use
as these batteries degrade and cannot be cycled intensively. By
contrast, flow machines are the most suitable technology for
frequent daily use for many hours at a time. By combining these
technologies, the customer gets a long term energy infrastructure
solution which best matches their requirement for low cost, secure
and clean energy.
We believe that hybrid energy storage solutions such as this are
a major development for the energy market as a whole and we are
pleased to be at the forefront of this, launching this important
project in Australia, one of the fastest growing energy storage
markets globally. As a company, we pride ourselves on being
innovators within the industry and this project is further evidence
of the great strides we continue to make as a company.
Australia has one of the highest domestic power prices in the
developed world. Recent adoption of renewable generation at grid
level will bring to Australia low cost generation, however this
will require durable energy storage to overcome the inherent
variability of renewables and deliver 'firm' 24*7 cheap power. In
short, renewables coupled with energy storage are crucial to
delivering long term, low cost, reliable and clean energy in
Australia.
Vanadium flow machine technology was invented in Australia, so
this project has special significance to bring an Australian
technology home. This is a new customer market for redT where we
expect to see considerable growth over the coming years."
Tony Fullelove, Programme Director, Monash University
commented:
"Energy storage is an integral part of the Monash Microgrid and
also offers a vital opportunity for further understanding, as the
Australian energy industry grapples with the trilemma of providing
sustainable power whilst keeping costs low and maintaining energy
security.
The hybrid solution offered by redT is particularly exciting as
Monash will be using the energy component (flow machine) to shape
the building load profile to minimise costs on a daily basis,
whilst using the power component (lithium) to assist with the
connection of the building to a highly intermittent and sustainable
embedded generation network."
Enquiries:
redT energy plc +44 (0)207 061 6233
Scott McGregor, Chief Executive
Officer
Joe Worthington, Investor
& Media Relations
Cenkos Securities (Nominated
Advisor & Broker) +44 (0)131 220 9100
Nick Tulloch
Derrick Lee
VSA Capital (Investor Relations
Advisor)
Andrew Monk +44 (0)203 005 5000
Celicourt Communications
(Financial PR)
Mark Antelme
Jimmy Lea
Ollie Mills +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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