RedT Energy PLC Energy Storage Rating Report

TIDMRED

RedT Energy PLC

05 December 2017

5 December 2017

redT energy plc

("redT" or the "Company")

Welcomes National Grid's energy storage duration storage report rating

redT energy plc (AIM:RED), the energy storage technology company, welcomes the energy storage rating report issued by National Grid (LSE:NG) on 4 December 2017. In particular, the metrics used to define duration-limited storage in the upcoming UK Capacity Market auctions rate energy storage machines the highest at 96.11%.

redT's vanadium redox flow machines store energy for over 4 hours and therefore, achieve National Grid's full rating. This makes the Company's flow machines comparable with pumped hydro storage. The report's lowest rating of 17.89% goes to batteries that can only store energy for 30 minutes, effectively de-rating short-term storage technologies, such as Lithium, in the upcoming auction mechanism.

redT's storage machines are flexible platforms which offer a full suite of services to the UK grid, such as time shifting solar generation, Frequency Response, Short Term Operating Reserve (STOR), and participating in the Capacity Market and Demand Turn Up. The Company's solutions give customers greater flexibility control over when and how they deploy their stored energy and flexibility which hedges investment in the ever changing energy sector.

redT is pleased to have already connected the largest operating, containerised vanadium redox flow machine system in the UK to the grid at The Olde House agri-business in Cornwall. This 1MWh project is able to provide grid services at full rating, time shift renewable energy and provide trading services to the customer.

Scott McGregor, CEO, commented:

"We welcome today's report and believe this is a positive step forward for the UK's energy storage industry, as it shows there is a growing need for more flexible storage options, such as our patented liquid energy storage machines. We are proud to be the first Company to have deployed a fully flexible storage platform in the UK, which provides the full range of grid services and is potentially saving the customer up to 50% on grid imports during peak times. The UK market is a key of focus for us, as energy storage has become economic and we are now able to deliver attractive returns for our customers."

Enquiries:

 
 redT energy plc                      [phone] 
 Scott McGregor, Chief Executive 
  Officer 
 Joe Worthington, Investor 
  & Media Relations 
 
 Cenkos Securities (Nominated 
  Advisor & Broker)                   [phone] 
 Derrick Lee 
 
   VSA Capital (Investor Relations 
   Advisor) 
   Andrew Monk                          [phone] 
 
 Celicourt Communications 
  (Financial PR) 
  Mark Antelme 
  Jimmy Lea 
  Ollie Mills                         [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]

This information is provided by RNS

The company news service from the London Stock Exchange

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December 05, 2017 02:01 ET (07:01 GMT)