CellCube Energy Storage CUBE.CAHappy 4th of July. Here’s another one that is poised to explode. Same line of business.
2019-07-03 07:33 ET - News Release
Mr. Stefan Schauss reports
CELLCUBE ANNOUNCES CORPORATE UPDATE
Cellcube Energy Storage Systems Inc. has provided a corporate update with respect to its recent operations and accomplishments.
The demand for day-long renewable energy storage continues to accelerate at a huge rate. Energy storage systems make it possible to depend on renewable energy and they have become an important part of the global push to decarbonize energy providers. This means solar and wind can be a stable and dispatchable source of supply. Global energy storage will double six times, reported by Bloomberg by 2030, with $103-billion invested.
The storage systems are used to overcome renewable intermittency and act as a buffer between demand and supply of electrical power. The systems perform electricity storage functions by providing continuous energy out of solar and wind for energy delivery. The CellCube is also used for island grids, and peaker plants that run when there is a high demand for electricity power and the storage system cuts the cost of using peak power and stabilizes power transmission and distribution. Collocated with the baseload power, which can be wind, solar, generator, gas-fired or coal-fired plants. It is a very cost-effective green solution where power can be stored for later use at peak times, during the day. It is estimated by GreenTech Media that batteries will replace gas-fired generation in peaker plants by 2020 onward.
CellCube is focused on large commercial projects using the new generation FB 500-2000 technology, which is very economical over the 25- to 30-year life span of the product.
Highlights
Leading worldwide supplier of vanadium redox flow energy storage systems:
- The industry has taken notice of the most advanced and robust CellCube technology with the launch of the Generation 4 product series, the densest VRFB on the market in form of FB 500-2000 which broke historical pricing and performance barriers in the industry;
- Launched new product generation and installation of the first unit for customer show and tell. Started product testing for quality assurance and global certification testing like CSA, NRTL, CE;
- Winning ees award for new CellCube product generation because of technical and commercial innovation enabling the company to offer flow battery at competitive prices when compared with lithium batteries and associated new lease programs;
- Signing $9-million CND commercial framework agreement with Immersa in the United Kingdom to secure two megawatts/eight megawatt-hours of production output.
- Signing exclusive LOI (letter of intent) with Pangea Energy on 50 mw/200 mWh joint project development in Australia. The project is slated to be built in 2020;
- Successful commissioning of three projects within four weeks' time frame (KIT project in Germany, SIMRIS project in Sweden and Konakov in Czech Republic);
- Continuing business preparation for first implementation of an electrolyte lease program;
- Updated 25-year operations and maintenance and extended warranty programs;
- CellCube is working with a large commercial reinsurer, Munich Re, to insure the performance of the systems for 25 years. This will add another bankability qualification to CellCube's viability for large grid commercial power providers;
- Target markets as stated in June, 2018, marketing plan to cover United States/Canada, Australia and European markets. Policy change within Middle East has added this area to the top focused markets;
- Spin out of V23 Resources is still in negotiations with Regency Gold Corp. Regency has previously acquired the assets of Vanadium North in Northwest Territories and in combination with the V23's Bisoni McKay and Bisoni-Rio in Nevada will create a leading North American vanadium resource company.
About CellCube Energy Storage Systems Inc.
CellCube is a Canadian public company listed on the Canadian Securities Exchange, the OTCBB and the Frankfurt Exchange 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. Enerox GmbH is the developer and manufacturer of CellCube energy storage systems. CellCube's subsidiary EnerCube Switchgear Systems Inc. is a leading-edge provider of custom and off-the-shelf electrical equipment and systems.