TORONTO, Feb. 27, 2019
TORONTO, Feb. 27, 2019 CellCube Energy Storage Systems INC. ("CellCube" the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) announces Immersa plans to deliver 15 projects this year into the UK market of 20MW/80-120MWH using CellCube energy storage systems. CellCube and Immersa formed a strategic partnership to deliver renewable technology solutions to the grid using energy storage systems (see press January 31,19).
"The partnership with Immersa further recognizes our vanadium redox flow battery as the energy storage system of choice to support renewables and the power grid," states Mike Neylan, CEO of CellCube. "The levelized cost of vanadium redox flow energy storage systems will continue to drop and open up even more markets."
Deal Paves Way For 80mwh of Flow Battery Deployment on UK Market
A strategic partnership deal between Canadian firm CellCube Energy Storage Systems and UK-based Immersa aims to bring 20MW/80-120MW of vanadium redox flow battery systems to the UK market, Immersa told ESJ this week.
Following our initial coverage of the deal on February 7, ESJ can reveal that Immersa plans to straddle both short and long term markets with a goal of delivering up to 15 projects this year under multiple operating modes.
The company aims to use flow batteries to also enter the UK's Firm Frequency Response and demand side response markets, despite flow batteries traditionally associated with the longer duration and longer response applications.
CEO of Immersa, Robert Miles told ESJ he believed there was a current shortage in the deployment of energy storage projects due to a lack of regulatory focus.
The former head of commercial at British Gas said: "The UK energy storage market had a stuttered start due to continuous policy change, contract ambiguity and failure to recognise the benefits of battery storage projects under legislation definitions.
"Even now we see a contradiction between what DNO and National Grid innovations departments and the actual implementation and current policies to which the engineers are working to.
"This will see a boom in the market sector growth to catch up with what were the projected requirements. VFRB will be the predominant player over the next 10 years.
"This is extended with the paradigm shift to a requirement for longer duration batteries and the ability to service the capacity market, VFRB seems the most suitable technology as we go forward. Enhance this by commodity price volatility and restricted grid capacity, VFRB really can assist every market segment in this sector."
Immersa is in multiple discussions with developers, and any one of the below projects could be deployed first.
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, Director
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 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