Business
Funding of Aus $1.83 million (C$1.67 million) made available in Australia for the deployment of VRB Energy Storage Systems(TM)
Funding of Aus $1.83 million (C$1.67 million) made available in Australia for the deployment of VRB Energy Storage Systems(TM).
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 3 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) announces\nthat Aus $1.83 million (C$1.67 million) has been made available by the\nAustralian Government under the Advanced Electricity Storage Technologies\nprogramme ("AEST") to provide funding towards the deployment of a number of\nVRB Energy Storage Systems(TM) in remote solar and wind applications across\nAustralia with an initial focus on Windy Harbour, a remote community in\nWestern Australia. This funding has been made available to VRB Power's\nAustralian distributor, Cougar Energy Limited (formerly Pinnacle VRB Limited),\nwhich intends to use the funding to incentivize purchases of up to 90\nVRB-ESS(TM) units at suitable sites across Australia over the next three\nyears.\n\n\n"VRB Energy Storage Systems(TM), which can store electricity produced by\nsolar or wind generators, are ideally suited to Windy Harbour where residents\nrun diesel or petrol generators to meet their electricity needs," stated Dr\nLen Walker, Managing Director of Cougar Energy. "The aim of the Windy Harbour\nproject is to significantly reduce or eliminate the use of diesel and petrol\ndriven engines for electricity generation."\n\n\n"Renewable energy electricity generation sources, primarily solar\nphotovoltaic or small wind turbines, coupled with appropriately sized VRB\nEnergy Storage Systems and power conversion equipment will be used to create a\nnumber of reliable, environmentally friendly and continuously available high\nquality power systems," concluded Dr Walker.\n\n\n"We are very pleased with this development," stated Tim Hennessy, CEO of\nVRB Power. "We believe that Australia is a great market for our products with\nlots of opportunities in solar and wind applications both on- and off-grid. We\nare also pleased to see the Australian government recognizing the need for\nenergy storage in order to maximize Australia's renewable resources."\n\n\n"This funding will enable the sale of a significant number of our systems\nfor solar and wind applications in the remote community in and around Windy\nHarbour and across Australia. We believe that remote area power supplies\nrepresent a large and growing market for our products and this government\nfunding will enable the early adoption of our technology in these marke...