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Cornwall project connects to UK grid
Cornwall project connects to UK grid.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 2449W RedT Energy PLC 13 November 2017 \n\nThis announcement contains inside information\n \n13 November 2017\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nCornwall's largest energy storage project connects to UK grid\n \nredT energy storage machines now operating as part of Centrica Local Energy Market Project\n \nredT energy plc (AIM:RED), the energy storage technology company, is pleased to announce that in partnership with Centrica (\"CNA\"), its flagship UK 1MWh energy storage project is now fully operational and connected to the UK grid. \n \nredT's machines located at The Olde House, a 600 Acre working farm and holiday retreat, situated in North Cornwall, will be used as a 'flexible platform' enabling the customer to generate strong commercial returns and utilise significantly more of its renewable solar onsite generation. redT expects this type of project to achieve an IRR % in the mid-teens. The energy storage machine has a 25+ year asset life, thus proving the strong investment case for redT's patented vanadium redox flow machines. \n \nThis is the largest operating containerised vanadium redox flow machine system in the UK and the first commercial energy storage system to sign up to Centrica's Local Energy Market (\"LEM\") trial. The LEM is a £19m project designed to demonstrate the role that flexible generation and storage can play in relieving pressure on the grid and driving down energy prices in the UK.\n \nredT's machines will initially be used to create \"firm solar\" power by timeshifting excess solar generation produced during the day for use during peak times when electricity from the grid is most expensive. This operation could save The Olde House up to 50% on grid imports during peak times. It will also create revenue by tracking and dynamically responding to changes in grid frequency and providing grid services such as; Short Term Operating Reserve (STOR), participation in the Capacity Market and Demand Turn Up. \n \nFollowing a rigorous testing programme the units have been G59 certified and control of the system is expected to be assumed by Centrica in due course, who will operate the asset remotely, engaging in energy trading and arbitrage activities on behalf of the customer, generating revenue for the ...