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REDT wins ?3.6m DECC award for energy storage
REDT wins ?3.6m DECC award for energy storage.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 1816S Camco Clean Energy PLC 05 November 2013 \n \n\n \nCamco Clean energy plc\n \nREDT wins £3.6 m DECC award for energy storage \n \nCamco Clean Energy plc is pleased to announce that REDT* has won a major funding award of £3.6 million through the Department for Energy and Climate Change (\"DECC\") Energy Storage Technology Demonstration Competition toward the demonstration and pre-commercialisation of a 1.26MWh utility scale system of its grid scale flow battery technology. REDT has developed a Vanadium Redox Flow Battery (VRFB) which has important and unique benefits in managing the rapid worldwide growth in renewable energy generation. \n \nHighlights\n \n· The DECC award provides for the demonstration of REDT's successful storage technology to provide utility scale storage\n \n· The energy storage market is forecast to reach €15 billion in 2020 and to be €26 billion in 2030\n \n· REDT's 1.26MWh storage project is designed to demonstrate a cost effective solution for the UK grid and to benefit long term energy prices in the UK and elsewhere.\n \n \nBackground to the award\n \nEarlier this year, DECC announced that REDT was one of 12 organisations that had been awarded approximately £0.5 million (in total) to carry out phase 1 feasibility studies into innovative and diverse energy storage ideas under the Energy Storage Technology Demonstration Competition. The Energy Storage Technology Demonstration Competition is being funded and run by DECC and aims to support energy storage research and demonstration.\n \nFollowing this phase 1, DECC has today announced that it has selected REDT, along with certain other innovators who won funding under the above Energy Storage Technology Demonstration Competition, to take part in the second demonstration phase of this competition with up to £17 million available in total. The award of £3.6 million to REDT, which forms part of this funding amount, will be used to complete a full scale utility 1.26MWh demonstration system and associated research initiatives.\n \nMeeting the demand for energy storage\n \nElectrical energy storage is seen as the next key step in enabling the advance of low carbon generation. The UK Government has set...