Camco Clean Energy plc is pleased to announce that REDT, its subsidiary* (“REDT” or the “Company”), which has developed a flow battery for energy storage, has today entered into a manufacturing agreement (“Manufacturing Agreement”) with Jabil Circuit Inc (JBL NYSE) (“Jabil”), one of the world’s leading manufacturing solutions companies.
* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49% in REDT.
Highlights
• The agreement will provide a scale manufacturing capability that enables REDT to accelerate its market deployment plans and expects to be in a position to commence commercial sales in the near future.
• Jabil will commence production of the REDT Battery in the UK.
• The energy storage market is forecast to be worth >$10bn1 by 2017, 33% ($3.3bn) of this
market is expected to be provided by vanadium flow batteries .
• REDT successfully proved its flow battery technology in 2012, since then has demonstrated pilot systems and is contracted to build a 1.26MWh utility storage facility on the island of Gigha, Scotland which is expected to be delivered in H1 2015.
REDT has developed a Vanadium Redox Flow Battery (the “Battery”) which has important and unique benefits in managing the rapid worldwide growth in renewable energy generation. The Company successfully proved its technology in 2012, since then the Company has completed demonstration projects in the UK and Portugal. In 2013 REDT was awarded a contract to build a 1.2 MWh system on the Isle of Gigha.
Jabil contracted detailed technical due diligence, patent rights protection and market demand research on REDTs product prior to entering into the Agreement.
This purpose of this agreement is to support REDT and to provide it with a scale manufacturing capability that enables the Company to accelerate its market deployment plans and expects to be in a position to commence commercial sales in the near future.
