RedT Energy PLC 1MWh energy storage project goes live (6767H)

TIDMRED

RNS Number : 6767H

RedT Energy PLC

19 November 2018

This announcement contains inside information

19 November 2018

redT energy plc

("redT" or the "Company")

Australia's largest C&I energy storage system goes live

1MWh hybrid redT system now operational at Australia's largest university

redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce that its 1MWh vanadium flow / lithium-ion hybrid energy storage system is now installed and operational at a site in Melbourne, Australia.

Situated at Monash University, the system is the largest behind the meter C&I (Commercial & Industrial) energy storage system to be installed in Australia and the first of its type to be commissioned worldwide. Comprising 900kWh (12 tank units) of vanadium flow machine technology, coupled alongside a 120kW C1-rated lithium battery, the system is located on the roof of the University's new Biomedical Learning and Teaching Building at Monash's largest campus in Clayton, Victoria.

redT's energy storage solution sits at the heart of a pioneering microgrid, storing and dispatching energy from multiple sources, including 1MW of solar panels. By utilising the complementary strengths of two storage technologies, the hybrid system will act as a flexible platform, integrating with building management systems and EV charging stations whilst enabling cutting-edge "peer-to-pool" energy trading. This project is a core part of the University's Net Zero Initiative, an ambitious, unprecedented project which aims to completely transform how the university uses energy with a target of reaching net zero carbon emissions by 2030.

The Australian energy storage market is estimated to be worth approximately AUS $30bn by 2030 with almost 400MWh of energy storage projects estimated to be installed in behind-the-meter C&I applications nationwide by 2022 according to industry consultants Delta-ee.

The Company is currently in the process of organising site visits for interested parties including media - for further information, please send an email to [e-mail]

Scott McGregor, CEO of redT said:

"Energy storage unlocking low cost renewables will bring about a significant reduction in energy costs for Australian businesses. Monash University is leading the market with this pioneering project and we are proud to provide their integrated energy storage solution.

This project will demonstrate the economic benefits of Lithium as a short term power solution alongside Flow Machine technology which acts as heavy duty, baseload energy storage infrastructure, capturing more solar energy to reduce overall energy costs."

Scott Ferraro, Program Director, Net Zero Initiative, Monash University

"We're very happy to be working with redT on this exciting project. redT's energy storage infrastructure is one of the core components of the microgrid being developed as part of our Net Zero Initiative, enabling us to dispatch renewable energy more effectively across the campus and help achieve our goal of net zero emissions by 2030."

Enquiries:

 
 redT energy plc                            [phone] 
 Scott McGregor, Chief Executive Officer 
  Fraser Welham, Chief Financial Officer 
 Joe Worthington, Investor & Media 
  Relations 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                               [phone] 
 Jeremy Ellis / Chris Sim / Alexander 
  Ruffman 
 VSA Capital (Joint Broker) 
  Andrew Monk / Andrew Raca                 [phone] 
 
 Celicourt Communications (Financial 
  PR) 
  Mark Antelme 
  Jimmy Lea 
  Ollie Mills                               [phone] 
 
 

Notes to Editors

About redT energy

redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks. Using patented vanadium redox flow technology to store energy in liquid, redT's own energy storage machines can be run continually with no degradation: charging and discharging for over 25 years, matching the lifespan of renewable assets in on-grid, off-grid and weak-grid settings.

redT's energy storage solutions, developed over the past 15 years, address today's changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com

For sales, press or investor enquiries, please contact the redT team on [phone].

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 19, 2018 02:00 ET (07:00 GMT)