TORONTO, June 25, 2018 /CNW/ - CellCube Energy Storage Systems Inc. (formerly Stina Resources Ltd.) ("CellCube" or the "Company") (CSE: CUBE)(CSE: CUBE.CN)(OTCQB: CECBF) (Frankfurt: 01X) is pleased to announce the appointment of Mr. Stefan Schauss as President of CellCube.
Mr. Schauss has over 20 years of sales and business development experience worldwide with a focus in recent years on utility scale energy storage. He has extensive experience in marketing and sales of vanadium redox flow batteries ("VFBs"), the leading battery for large scale stationary energy storage. Stefan has worked in both Europe and North America. He has a MSc. Physics from University Mainz, Germany with a concentration in computer science and electronics.
The grid connected storage market is expected to grow 44% annually with the market size reaching US $18 billion by 2024 (Navigant Research). CellCube, with its recent acquisitions and strategic relationships, is ideally positioned to capitalize on the demand for VFBs worldwide to help meet the World's rapidly growing energy storage needs.
"Stefan has an extraordinary understanding of the VFB business and is enormously respected in the energy storage industry," said CellCube, CEO, Mike Neylan. "With the addition of such impressive talent, our leadership team is ready to seize the massive market opportunity before us."
"This is an exciting time for CellCube and I am thrilled to be taking on the role of President working with Mike Neylan, CEO," said Schauss. "CellCube, with its wholly-owned subsidiaries Enerox and EnerCube, is leading the field in flow battery-based energy storage. Many projects are now nearing a decade in operation. CellCube has taken the integration of turn-key energy storage systems to the next level and I am eager to help lead CellCube into the next growth stage where we will revolutionize long duration energy storage, open new markets, and enable new uses for battery energy storage deployments."
Mr. Schauss will remain President and CEO of CellCube's wholly-owned subsidiary, Enerox GmbH. Enerox, which recently acquired the assets of Gildemeister GmbH, is a world leader in the development of VFBs. After 20 years of extensive research and development, Gildemeister developed the patented CellCube battery, the most commonly installed VFB in the World. There are currently over 130 CellCube batteries in use globally. CellCube VFBs are used for a variety of purposes including grid storage; micro-grids; off-grid storage for solar and wind power; diesel power replacement; back-up power systems; farming applications; electrical vehicle charging stations; industrial plants and office building applications; and emergency power sources.
About CellCube Energy Storage Systems Inc.:
CellCube's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed CellCube and its wholly owned subsidiary, Enerox GmbH, into a leading integrated resource and energy storage company. Together with the Company's recent acquisition of Jet Power & Control Systems Ltd. (now renamed EnerCube Switchgear Systems Inc.) and Hillcroft Consulting Ltd. (renamed PowerHaz Energy Mobile Solutions Inc.) and its investment in Braggawatt Energy Inc., is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both stand-alone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.
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.
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SOURCE CellCube Energy Storage Systems Inc.