TORONTO, January 7, 2019 /PRNewswire/ --
CellCube Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) is pleased to announce the sale of a modular energy storage system ("FB Modular") to a French multi-national green energy developer for their internal technology proof of concept.
CellCube's FB Modular will be deployed in the south of France near the city of Montpellier. The system will be collocated to a large-scale solar park and will provide multiple value streams for power delivery into the grid system. The company will additionally perform application testing for grid scale support services like primary control and several grid balancing features.
"Vanadium flow batteries with their long useful life time of more than 30 years is ideally suited to take on the role of balancing peak power and at the same time provide flexibility in the grid system, which rivals conventional power generation at grid demand needs. By 2025 many electricity grids will experience a massive increase in the power generation coming from renewable power sources. As the intermittence of those wind and solar assets increasingly requires a baseload power quality, long duration storage will be the choice for collocation and combination into dispatchable power to the grid during peak demand times," states Stefan Schauss, President CellCube Energy Storage Systems Inc. "In this future, Vanadium Redox Flow Battery based energy storage systems are estimated as the clear favorite due to the combination of the benefits of batteries together with longevity of a traditional power infrastructure component."
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 being driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry after acquiring the assets of Gildemeister Energy Storage GmbH, now Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube also acquired EnerCube Switchgear Systems and Power Haz Energy Mobile Solutions Inc. and 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 feature 99% residual energy capacity after 11,000 cycles with the focus on larger scale containerized modules. Basic building blocks consist of a 250kW unit family with 4, 6 and 8 hours variation in energy capacity.
On behalf of CellCube Energy Storage 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 http://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.