RedT Energy PLC Cornwall project connects to UK grid (2449W)
November 13 2017 - 1:00AM
UK Regulatory
TIDMRED
RNS Number : 2449W
RedT Energy PLC
13 November 2017
This announcement contains inside information
13 November 2017
redT energy plc
("redT" or the "Company")
Cornwall's largest energy storage project connects to UK
grid
redT energy storage machines now operating as part of Centrica
Local Energy Market Project
redT energy plc (AIM:RED), the energy storage technology
company, is pleased to announce that in partnership with Centrica
("CNA"), its flagship UK 1MWh energy storage project is now fully
operational and connected to the UK grid.
redT's machines located at The Olde House, a 600 Acre working
farm and holiday retreat, situated in North Cornwall, will be used
as a 'flexible platform' enabling the customer to generate strong
commercial returns and utilise significantly more of its renewable
solar onsite generation. redT expects this type of project to
achieve an IRR % in the mid-teens. The energy storage machine has a
25+ year asset life, thus proving the strong investment case for
redT's patented vanadium redox flow machines.
This is the largest operating containerised vanadium redox flow
machine system in the UK and the first commercial energy storage
system to sign up to Centrica's Local Energy Market ("LEM") trial.
The LEM is a GBP19m project designed to demonstrate the role that
flexible generation and storage can play in relieving pressure on
the grid and driving down energy prices in the UK.
redT's machines will initially be used to create "firm solar"
power by timeshifting excess solar generation produced during the
day for use during peak times when electricity from the grid is
most expensive. This operation could save The Olde House up to 50%
on grid imports during peak times. It will also create revenue by
tracking and dynamically responding to changes in grid frequency
and providing grid services such as; Short Term Operating Reserve
(STOR), participation in the Capacity Market and Demand Turn
Up.
Following a rigorous testing programme the units have been G59
certified and control of the system is expected to be assumed by
Centrica in due course, who will operate the asset remotely,
engaging in energy trading and arbitrage activities on behalf of
the customer, generating revenue for the site in the process.
The potential addressable market for behind the meter industrial
and commercial (I&C) energy storage in the UK is in the range
of 3,000 GWh total (calculated using 2016 Digest of UK Energy
Statistics (DUKES) data). Making a conservative assumption of 20%
take up across all I&C sites in the UK, this equates to 8
million redT tank units.
Scott McGregor, CEO, redT energy commented:
"We are delighted to announce that our flagship energy storage
project in the UK is now fully operational. This remains one of the
only commercial energy storage projects of its kind in the UK as a
fully flexible energy storage platform, demonstrating the Company's
industry leading position in the sector. Through 'firming' onsite
solar generation, this system will generate significant savings for
The Olde House, by enabling the owners to greatly reduce the need
to import electricity from the grid. The machines will also engage
revenue producing grid services and energy trading opportunities
with the help of Centrica and the LEM.
We are very fortunate to be working with Centrica and The Olde
House on this flagship UK energy project, which proves flow
machines as a commercially attractive, viable solution and flexible
platform for the UK's energy future."
Matt Hastings, Programme Director of the Cornwall Local Energy
Market trial at Centrica commented:
"We're really proud to be working with redT and to be helping
The Olde House to make the most of their solar generation.
Energy storage will play a fundamental part in the programme,
providing the local network operator with a tool to help stabilise
the system, relieving constrained parts of the network, and giving
homes and businesses the ability to store their own energy."
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
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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