RedT Energy PLC Energy storage project in Cornwall (5428C)

TIDMRED

RNS Number : 5428C

RedT Energy PLC

18 April 2017

18 April 2017

redT energy plc

("redT" or the "Company")

redT to install Cornwall's largest energy storage project

1MWh of redT energy storage machines originally destined for the Isle of Gigha are to be deployed at working farm and holiday retreat in Cornwall to support the Cornish distributed energy grid

redT energy plc (AIM:RED), the energy storage technology company, has signed an agreement with The Olde House, a working farm and holiday retreat, situated in North Cornwall, to place six of its redT energy storage machines, totaling 1.08 MWh. The Olde House is an early leading innovator in using renewable technology to support its business, adopting solar and biomass generation as well as demand use management. The installation is being supported by energy services company Centrica who will also work with the site owner to optimise the use of the redT's energy storage assets.

Cornwall has an "end of line" distributed energy grid which is struggling to embrace one of the fastest growing solar markets in the UK. Solar is now one of the cheapest forms of energy generation, however excess production during the day results in new solar projects no longer being approved to connect to the grid during daytime hours. Once installed, the redT machines will be coupled alongside two grid-connected solar arrays with a combined capacity of 350kWp and one of its key functions will be used to timeshift excess solar generation produced during the day for use during peak times when electricity from the grid is most expensive, this is known as "Solar firming". Using redT's energy storage machines, the site could save up to 50% on grid imports during peak times.

redT's energy storage machines will also demonstrate functionality to provide energy services to the local Cornwall grid which will generate additional revenues for the project. These services can include a combination of; frequency response, STOR, participation in the capacity market and demand turn up. Further functionality for the energy storage machine -to participate in energy arbitrage and local energy trading is proposed to be demonstrated over time, assisting the grid through buying energy when there is cheap excess and selling it when there is an expensive shortage.

The energy storage machines that will be installed were originally manufactured for an installation on the Isle of Gigha, as part of a joint project undertaken by DECC (now BEIS), redT and The Gigha Community to remove constraints placed on the island's community wind farm. Since the project was initially conceived, the constraint placed on the Isle of Gigha windfarm has now been removed, which was the primary reason for installing the systems. This happened due to a material upgrade of the grid connection to the mainland which was completed well ahead of expectations. Since the purpose of the project was to demonstrate the full functionality of redT's modular energy storage machines, the project stakeholders have decided to relocate the machines to a site where the systems can be better utilised to maximise their full range of functionality.

Throughout their time at The Olde House site, the machines will remain under the ownership of redT and will continue to be supported by BEIS. The remaining redT machine, manufactured for the Gigha project, will also be placed at a new site in due course.

Scott McGregor, CEO of redT commented:

"We are very privileged to be working with Centrica and The Olde House on this exciting project, which will demonstrate how liquid energy storage machines can be utilised in a commercial environment to create new savings and revenue streams for the site owner and support the distributed energy market in Cornwall.

redT's machines will demonstrate how distributed energy grids such as this can embrace solar generation by coupling with energy storage to provide reliable, cheap energy all day and night, so called "Firm Solar". redT's liquid energy storage machines will also show how this type of technology, storing energy in liquid which doesn't degrade, can provide the full portfolio of "stacked" services rather than the single functions typically provided by batteries.

With respect to the Isle of Gigha, the improvements made to the capacity constraints is great news for the island and its inhabitants. Our machines, which were manufactured and successfully tested to alleviate these constraints can now, through their modular design, be simply relocated to service another customer's requirements. The revenue generation opportunities we will demonstrate by locating these at The Olde House, combined with the ability to move the machines to different locations highlights the strong investment case our redT energy storage machines possess for UK renewable energy projects."

Shaun Hawkey, Manager at The Olde House commented:

"The Olde House has always been an early adopter of new energy technologies, having already implemented Solar PV and Biomass on our farm. With the addition of these redT energy storage machines, we will have a complete, independent, renewable energy infrastructure system which fully unlocks the potential of our renewable energy generation.

This will reduce overall energy costs for our business and generate future income by servicing the local Cornwall energy network. We're looking forward to being part of a project that will not only allow our customers to experience new energy technologies, but also provide a financial benefit to our business in the process."

Enquiries:

 
 redT energy plc                    [phone] 
 Scott McGregor, Chief Executive 
  Officer 
 Joe Worthington, Investor 
  & Media Relations 
 
 Cenkos Securities plc              [phone] 
 Nick Tulloch                       [phone] 
 Derrick Lee 
 
 Celicourt (Financial PR) 
  Mark Antelme 
  Joanna Boon 
  Jimmy Lea                         [phone] 
 

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 [e-mail] or call [phone]

About Centrica

Centrica is an energy and services company. Everything we do is focused on satisfying the changing needs of our customers.

Asset optimisation for the energy storage machines is being provided by Centrica's Distributed Energy & Power business, established as a new global business unit to help businesses and other large energy users to take control of their energy.

About The Olde House

The Olde House, run by the Hawkey family, offers family holidays in 30 Cornish cottages, situated on a 500-acre working farm in North Cornwall, close to the picturesque villages of Padstow, Port Isaac and Polzeath.

The Olde House provides many facilities and activities, including an indoor pool, sauna, whirlpool bath and snooker room. There is also an outdoor tennis court, children's indoor and outdoor adventure playgrounds, pet's corner and a farm trail with bird hide. Families can stay in the cosy cottages all year round, making it the perfect place to get close to nature.

www.theoldehouse.co.uk

[e-mail]

01208 813219

This information is provided by RNS

The company news service from the London Stock Exchange

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April 18, 2017 02:00 ET (06:00 GMT)