Camco Clean (LSE:CCE)
Historical Stock Chart

From May 2019 to May 2024

TIDMCCE

RNS Number : 4635L

Camco Clean Energy PLC

28 April 2015

28 April 2015

Camco Clean Energy plc

("Camco" or "the Company")

REDT contracts with Green Acorn to implement an REDT liquid energy storage system in Somerset to unlock full potential of renewable PV generation.

REDT (Camco's energy storage business) is pleased to announce its latest order to deliver a 5-40kWh energy storage system to a working dairy roof mounted photovoltaic ("PV") generation application in Somerset. The REDT storage system will enable the full potential of PV renewable generation to be achieved.

A key challenge for renewable energy generation, and in particular PV, is that it produces power at the wrong time of the day making it difficult to match supply with demand throughout the day for consumption. As further renewable generation comes online and starts contributing to the UK power network, there is a maximum volume of such power that distribution networks can manage when demand is low. Consequently, recent Power Purchase Agreements (PPAs) issued for renewable projects by network operators in the UK are now limiting the amount of export of solar and wind power during the day, when output is typically highest and demand is relatively low.

In order to unlock the full potential of renewables by shifting power generated into peak evening hours when consumer electricity demand is higher, large scale durable energy storage is required. The Somerset REDT installation by Green Acorn will demonstrate the ability to time shift renewable energy production to the UK grid. The REDT system will also allow the agriculture business to maximise consumption of its own local PV renewable generation so that it can make the most economic benefit from the power it generates.

The UK grid is becoming less reliable following underinvestment in infrastructure and due to the volatility of renewable generation. The REDT system utilised at this installation will enable the agricultural business to separate itself from the national network during blackouts and continue to operate autonomously using energy stored by the REDT energy storage system and local renewable generation. This functionality could eventually allow the business to become self-sufficient using local renewables and utilising REDT energy storage to become fully independent from the grid.

Once installed, this installation will become a showcase for the deployment of liquid energy storage in this sector. REDT estimates that the size of the market for storing agricultural PV generation is in excess of 1 GWh in South West England.

Scott McGregor, CEO of Camco said,

"We are pleased to be working with our partner Green Acorn to install our REDT systems in the UK. Energy storage is essential to unlock the full potential of renewables across the UK."

Keith Hounsel, Managing Director, Green Acorn Energy Solutions said,

"We are extremely excited to be installing our first REDT liquid energy storage system. The wider

applications of liquid energy storage technology mean that many renewable energy generators, whether retrofit or new installs can seek the benefit of storing excess renewable energy."

Enquiries

 
                                     +44 (0) 207 121 
 Camco Clean Energy plc               6100 
 Scott McGregor, Chief Executive 
  Officer 
 Jonathan Marren, Chief Financial 
  Officer 
                                     +44 (0)207 220 
 finnCap Ltd                          0500 
 Julian Blunt (Corporate 
  Finance) 
 Tony Quirke (Corporate Broking) 
 
                                     +44 (0)207 653 
 Newgate                              9850 
 Tim Thompson 
 Helena Bogle 
 Ed Treadwell 
 Andre Hamlyn 
 

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology.

With 25 years of experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and reduce emissions.

In the last year, Camco has brought an advanced energy storage technology to market (REDT energy), secured an investment advisory fund mandate for African renewables, and has developed utility scale biogas plants in the US.

About REDT

REDT has developed a new and proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form. The multi-valent properties of the Vanadium Redox electrolyte are used to provide a storage medium of virtually unlimited life with a system able to last more than 10,000 deep charge/discharge cycles. Combined with its very low maintenance requirements, REDT systems are able to deliver some of the lowest Total Cost of Ownership (TCO) results in the industry. Long discharge durations are achieved by the simple addition of extra electrolyte capacity at a relatively low marginal cost.

Until now it has not been possible to directly compare variable RE generation with firm 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 the complete displacement of conventional fossil fuel power with renewable generation. The REDT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49% in REDT.

About Green Acorn Energy Solutions

Green Acorn has been established through its early and current involvement in the Renewable Energy Sector, and working with its clients to understand the need to efficiently collect, store and utilise Renewable Energy.

Green Acorn is seeking to provide a long term energy security offering, whether through advice, technology or service to provide its clients a product that will exceed the renewables currently installed on the site.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPGUBCCUPAGMM