CELLCUBE ENERGY STORAGE SYSTEMS INC. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt 01X, WKN A2JMGP) is pleased to announce Hive Energy, Immersa Ltd. and CellCube have formed a consortium to jointly build and develop Solar & Storage projects at a grid scale level to offer green peaking power and reserve power capacity. HICC Energy Ltd. ("HICC") was founded April 17, 2019 by Hive Energy to bring their joint portfolio of projects to market. HICC will be a special vehicle for development projects and financed through third party project financing or by grants offered for renewable projects. The products and services will be purchased from the partner companies and any additional terms will be determined on a per project basis.
Recently the UK made announcements on derating solar and short duration storage which has created opportunities for long duration batteries. Hive Energy, Immersa Ltd. and CellCube have identified a combined long duration storage with solar to be the most competitive and commercially attractive solution under current UK regulation. While Hive Energy builds large solar plants at their own grid connected sites, Immersa Ltd. will deploy the new generation of CellCube's long duration Vanadium Redox Flow Batteries allowing for flexible availability of stored energy across multiple hours throughout the day.
"We are delighted to see long duration storage becoming available at competitive costs", Hugh Brennan, MD of Hive Energy explains, "this allows us to offer a reliable renewable energy supply to the market".
Robert Miles, CEO & Director of Immersa Ltd. adds to this "predictable power generation not only offer services at an attractive price to the balancing market but can also enter the short term operating reserve or STOR market which allows access to sources of extra power. The goal is to replace conventional generation with green peaker plants thereby reducing CO2 emissions significantly." This new offering is driven by the recently announced new product generation of CellCube's Vanadium Redox-Flow Battery system.
"With our new power overrating capabilities, we can operate our system in a highly flexible way and at more than 4 charging and discharging cycles per day", Alexander Schoenfeldt, MD and COO from CellCube's subsidiary Enerox says, " In combination with the general advantage of full In combination with the general advantage of full state of charge or SOC level usage, which means the system does not lose its charge over time so there is no system overbuild needed and no risk of affecting warranties or degrading the capacity".
The companies are currently developing the first site for going live later this year and are open to evaluate additional sites. Stefan Schauss, CEO of CellCube with respect to the new product generation adds, "I am excited that we are bringing these new features to the market and setting the new benchmark in Flow technology allowing CellCube to offer real energy-centric storage while outperforming lowest levelized costs previously not available in battery energy storage when supporting use cases with 2 or more equivalent cycles per day."
Hive Energy | http://www.hiveenergy.co.uk
Immersa | http://www.immersa.co.uk
CellCube | http://www.cellcubeenergystorage.com