TORONTO, Jan. 31, 2019 /CNW/ -- CELLCUBE ENERGY STORAGE SYSTEMS INC. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt 01X, WKN A2JMGP) and Immersa Limited ("Immersa") are pleased to announce a strategic partnership to deliver large scale vanadium redox flow battery systems into the UK market.
CEO of Immersa, Robert Miles said, "We have been active in the UK storage sector for nearly three years and have already seen an enormous change in the application of the technology and the revenues that are derived from them. We see a definite move towards longer duration batteries as energy users look to become more independent from the grid. We have designed systems that used multiple generation technology and by installing in combination with these long duration batteries, we have shown that it is both possible and commercially feasible to generate, store and consume power that has been self-produced." immersa.co.uk
Alexander Schöenfeldt, Managing Director for CellCube, continued; "Having had a long relationship with Immersa we are delighted to be working with them as our strategic partner in the UK. We are already running multiple scenarios with a number of industrial and commercial users and are confident with the results."
Battery storage has already demonstrated its ability to reduce costs in the Enhanced Frequency Response ("EFR") and Firm Frequency Response ("FFR") market that was set up to create a route for batteries to bid to be part of the power grid. Now that the peak demands get into multiple hours and the capacity market offers business opportunities the vanadium redox flow system will show its strength with extended performance warranties, dramatically increased battery cycles and near zero capacity degradation. The levelized costs of vanadium storage had dropped dramatically and will continue to do so.
Stefan Schauss, President of CellCube states, "The prospects to be working with Immersa in the UK goes alongside with our strategy for large scale energy storage infrastructure deployments. The capacity driven markets in the UK with its many solar and wind farms is our next focus market to enable large storage infrastructure projects in their neighborhood delivering high value streams to asset owners. Immersa and CellCube are inviting potential clients to jointly talk about options and benefits that are available through renewable energy and battery storage solutions."
About Immersa Limited
Immersa Limited is an active company incorporated on 14 April 2016 with the registered office located in Dursley, Gloucestershire. The primary business is solution and technology based environmental consulting, using detailed analysis for selecting optimum energy storage using advanced battery systems. These systems provide renewable or clean technology and smart grid integration including demand side response.
Immersa's experienced team has developed and implemented large scale utility projects throughout UK and Europe. These high value complex projects require a multi-disciplinary approach utilizing in-house capabilities. We employ leading specialist advisors to ensure all the areas of compliance are carried out effectively and diligently.
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 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.
SOURCE CellCube Energy Storage Systems Inc.