RedT Energy PLC Key policy support for UK energy storage

TIDMRED

RedT Energy PLC

24 July 2017

redT energy plc

("redT" or the "Company")

Key Government Policies and GBP246m Investment to Support Vital Role of Energy Storage in UK

redT energy plc (AIM:RED), the energy storage technology company, welcomes this morning's announcement from the Department for Business, Energy & industrial Strategy ("BEIS") concerning the launch of the GBP246m Faraday Challenge and the unveiling of the new Smart Systems and Flexibility Plan, jointly published by BEIS and Ofgem.

The move will provide a welcome injection of funds into the UK's energy storage sector, through the Faraday Challenge, a coordinated programme of competitions, aimed at supporting world class research and innovation within the industry and assisting the 'scale-up' of new energy storage technologies. In tandem, the new Smart Systems and Flexibility Plan will introduce a raft of new measures designed to remove exisiting barriers to energy storage within the UK energy policy framework. This will include an explicit definition of storage as a sub-set of generation within policy terms, the removal of so-called 'double charging' for energy storage and a review of the existing electricity tariff structure, a move widely considered to further inventivise energy storage and flexibility within the UK.

Today's announcement is an important step forward in creating a logical charging regime, harnessing the benefits of energy storage rather than penalising it - which is key to providing increased energy security in this market. Furthermore, redT sees these measures as a key development for the Company's own differentiated energy storage technology, further incentivising customers and creating a more attractive policy environment for widespread adoption of flow machines in the UK. This announcement is a strong statement of intent from the UK government and a key indicator that energy storage will form a core part of UK industrial and energy strategy moving forward.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/631724/upgrading-our-energy-system.pdf

Scott McGregor, CEO, commented:

"We welcome today's announcement by the Department for Business, Energy and Industrial Strategy and believe the Faraday Challenge has the potential to be the catalyst the UK renewables market needs to ensure greater adoption of energy storage technologies.

At a time when the UK grid is under increasing pressure, due to large scale power projects being taken offline, and the country's energy security is being called into question, it is vital that industrial-scale energy storage machines are looked at as a serious low cost way to decarbonise the UK economy and support the grid.

We now see the UK as a strong economic market for redT's energy storage machines.

The UK has an abundance of world leading talent and technological know-how when it comes to energy storage technologies, so the time to utilise this resource to provide low cost UK domestic energy security as well as build our technology manufacturing export sector is now.

This is smart government policy embracing the technology competitive advantage the UK has in this sector to provide jobs and a high growth export market."

Enquiries:

 
 redT energy plc                    +44 (0)207 121 6100 
 Scott McGregor, Chief Executive 
  Officer 
 Joe Worthington, Investor 
  & Media Relations 
 
 Cenkos Securities plc              +44 131 220 9772 
 Nick Tulloch                       +44 131 220 9100 
 Derrick Lee 
 
 Celicourt (Financial PR) 
  Mark Antelme 
  Joanna Boon 
  Jimmy Lea                         +44 (0)20 7520 9266

Notes to Editors

About redT energy

redT energy develops and supplies durable and robust energy storage machines based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of up to 25,000 full charge/discharge cycles and a 100 per cent usable depth of discharge. Combined with low maintenance requirements, this delivers industry leading lowest levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.

Until now it has not been possible to directly compare variable renewable energy generation sources with diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT energy storage machine has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

To find out more about redT products or to register your interest in purchasing an energy storage machine please go to the below web address:

http://www.redtenergy.com/register-interest

For sales enquiries, please email enquiries@redtenergy.com or call +44 (0) 207 061 6233

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRAZZLFLDDFZBBE

(END) Dow Jones Newswires

July 24, 2017 10:48 ET (14:48 GMT)

Camco Clean (LSE:CCE)
Historical Stock Chart
From Dec 2024 to Jan 2025