TORONTO, September 25, 2018 /PRNewswire/ --
CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE CUBE) (OTCQB CECBF) (Frankfurt 01X) is pleased to announce that Enercube Switchgear Systems Inc. ("Enercube"), a wholly-owned subsidiary of CellCube, is expected to deliver six completed projects in the 3rd Quarter ending September 30, 2018 and at the start of the 4th Quarter in October, 2018. The total value of the contracts for the six projects is $3.9 million.
These projects involve switchgear and specially designed engineered equipment within several industrial segments, including oil & gas, wastewater, and pulp & paper. The projects are for customers located in British Columbia, Alberta and Saskatchewan.
CellCube acquired Enercube (formerly called Jet Power and Controls Ltd.) in the second quarter of 2018 and since then significant changes to operations and personnel have been put in place.
"The outlook for Q4 looks very promising thanks to new product development, closing orders and shipping completed projects," says Enercube President, Brian Ricker. "Immediately following the purchase of Jet Power we spent a great deal of effort in the reorganization of the company, including management changes, improvements in manufacturing capability, quality control and customer service. We have re-connected with many past customers and are now looking forward to increased sales and deliveries."
"The decision to purchase Jet Power was undertaken because it was an excellent opportunity to have a Canadian presence that was complementary to our sales and manufacturing of vanadium redox flow batteries, while at the same time having a profit center through its traditional switchgear products and services," says Mike Neylan CEO of Cellcube. "We are very busy writing proposals for both switchgear and energy storage and 2019 looks to be a milestone year for Enercube in North America."
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) 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 Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube also recently acquired EnerCube Switchgear Systems Inc.(formerly Jet Power and Controls Ltd.) and Power Haz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.). It 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 Systems Inc.,
Mike Neylan, CEO, Director
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.