RedT Energy PLC Update on flagship South African mini-grid project (6023G)

TIDMRED

RNS Number : 6023G

RedT Energy PLC

05 March 2018

This announcement contains inside information

5 March 2018

redT energy plc

("redT" or the "Company")

Update on flagship South African mini-grid project

South Africa's largest installed flow machine connects to the grid

redT energy plc (AIM:RED), the energy storage technology company, is pleased to announce that its 15kW-75kWh energy storage machine is now fully operational at the Thaba Eco Hotel ("Thaba") site in South Africa. This is the third commercial energy storage machine redT has connected to the grid in South Africa.

The Thaba project is the largest flow machine to be successfully installed at a commercial site as part of a solar mini-grid system in South Africa. Thaba is a remote resort and suffers from a weak local grid connection, making power cuts a frequent occurrence. The machine sits alongside Thaba's 100kWp of solar generation, enabling the resort to reduce its reliance on diesel generators, creating significant savings on fuel costs and reducing carbon emissions as a result.

By timeshifting excess energy produced from the solar panels during the day for use at night, when guests need electricity the most, redT are creating a cheap, reliable and sustainable source of energy for Thaba's guests and staff.

The project has already yielded substantial results for Thaba. Since the mini-grid system came online, it has generated 13MWh of renewable energy, reducing the need for Thaba to import energy from the grid, leading to significant cost savings and a sizeable reduction in the level of greenhouse gases omitted by the resort. The project is expected to result in 175MWh of renewable energy generation per annum and a yearly reduction in greenhouse gas emissions of 143 tonnes of carbon dioxide equivalent (tCO2e). In addition to this, the machine will also be used for demand charge avoidance, significantly reducing the site's costs of importing electricity from the grid at peak times.

The project will be a key asset for redT in South Africa and the site will be used to demonstrate the environmental and financial benefits redT's patented vanadium redox flow machine technology will offer other renewable asset owners in the region. A formal launch event at Thaba will take place in due course, details of which will be made available on the Company's website.

The project has been fully funded by The Energy and Environment Partnership in Southern and East Africa. For more information on EEP please go to: http://eepafrica.org/

For more information about the project: https://redtenergy.com/story/solar-mini-grid-for-resort-hotel/#video

Scott McGregor, CEO, redT energy commented:

"Accelerated growth of low cost solar power in Africa has opened up a significant market opportunity for us, as our robust energy storage machines are an ideal solution to unlock more solar for use by customers in off-grid or weak-grid markets. We are proud to lead the successful deployment of flow machines into essential energy infrastructure in Africa with our redT machines established now in South Africa and also enroute to Botswana.

In sub-Saharan Africa alone there are c.580 million people with no access to electricity. Unlocking more solar using robust long duration energy storage machines is a key driver to ensuring a low cost secure power supply to the continent of Africa.

We are very honoured to be working with our partners at the Thaba Eco Hotel and look forward to holding a formal launch event at the site in the future.

Reuben Louw, CEO, Thaba Eco Hotel commented:

"At Thaba, we are passionate about reducing our impact on the local environment, making redT's flow machine technology a perfect fit for us. This solar mini-grid system will enable us to greatly reduce our reliance on diesel generators, which are expensive to run and pollutive, whilst ensuring that we have a stable and consistent supply of energy throughout the day and into the night."

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 plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage systems which create 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 operating machines deployed with 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 offices in the UK, Africa 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 company news service from the London Stock Exchange

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March 05, 2018 02:00 ET (07:00 GMT)