Business
REDT signs Manufacturing Agreement
REDT signs Manufacturing Agreement.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 7604I Camco Clean Energy PLC 04 June 2014 \n \n\n \nCamco Clean energy plc\n \nREDT signs Manufacturing Agreement\n \nCamco 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. \n \n* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49% in REDT.\n \nHighlights\n \n· 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.\n \n· Jabil will commence production of the REDT Battery in the UK.\n \n· The energy storage market is forecast to be worth >$10bn by 2017, 33% ($3.3bn) of this market is expected to be provided by vanadium flow batteries1. \n \n· 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. \n \nREDT 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.\n \nJabil contracted detailed technical due diligence, patent rights protection and market demand research on REDTs product prior to entering into the Agreement.\n \nThis 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.\n \nDavid Kipling, Senior Director at Jabil, s...