TORONTO, January 22, 2019
TORONTO, January 22, 2019 /PRNewswire/ --
CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) continues to sell into the energy storage market and has closed on the sale of another two modular energy storage systems ("FB Modular"). These sales have added more than 1MWh of energy storage to CellCube's existing produced capacity for a total of 23.1 MWh.
The first is a FB200-800 stand alone vanadium redox flow energy storage system with 200kW AC power rating and close to 900kWh usable energy capacity. The system is for a German public institution and is slated for installation in March of this year.
The second sale is a FB Modular series FB30-130, which will be located in the Czech Republic in an area near the Polish border. The project, to be installed in April 2019, is part of a microgrid for a solar supported farm operation and will overcome certain shortfalls in energy delivery during the year. CellCube worked with the project developer who installs local solar and small wind turbines in the area.
"Enerox is experiencing great momentum and frequency of its sales," states Stefan Schauss, President of CellCube. "The company continues to bid on a large pipeline of projects focusing on large scale energy storage. Many of the current sales are a gateway into larger opportunities." Bloomberg New Energy Finance is projecting that grid scale energy storage markets will grow above 300GWh until 2030. A 135 billion dollar market.
About CellCube Energy Storage Systems Inc.
CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X, WKN A2JMGP), focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry and recently acquired the assets of Gildemeister Energy Storage GmbH, now renamed Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube's other related subsidiaries are EnerCube Switchgear Systems and Power Haz Energy Mobile Solutions Inc. The Company has also invested in an online renewable energy financing platform, Braggawatt Energy Inc.
CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 130 project installations and a 10 year operational track record. Its highly integrated energy storage System solutions features 99% residual energy capacity after 11,000 cycles with the focus on larger scale containerized modules. Basic building blocks consist of a FB Modular 250kW unit family with 4, 6 and 8 hours variation in energy capacity.
On Behalf of CellCube Energy Storage Systems Inc.,
Mike Neylan, CEO
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
CellCube Energy Storage Systems Inc.
Ste 10 - 8331 River Road
Richmond, BC V6X 1Y1
65 Queen St West, Suite 520
Toronto, Ontario M5H2M5
CSE CUBE 12g3-2(b) 82-2062 OTCQB CECBF
Frankfurt 01X, WKN A2JMGP