TORONTO, July 9, 2018 /PRNewswire/ --
CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (CSE: CUBE.CN) (OTCQB: CECBF) (Frankfurt: 01X) is pleased to announce that, further to the Company's acquisition of ENEROX GmbH ("Enerox") in April 2018, it has now shipped the first energy storage system to the German municipal utility Gelsenwasser for their EnerPrax project.
About Project EnerPrax:
The pilot project EnerPrax - Energy storage in Practice - is a close to commercial proof of concept project incorporating various storage technologies (eg, electrical, gas, heat) for several grid stability and supply functions in the Saerbeck Bioenergy Park, the Smart City pilot site of the utility Gelsenwasser.
At EnerPrax, the CellCube system is performing energy-centric, electricity storage functions of providing grid stability and time shifting for 8-hour base energy delivery. This is a natural fit for vanadium redox flow batteries where long duration, reliable base load supply is required. Enerox's CellCube vanadium redox flow battery will be the backbone storage technology for the EnerPrax project.
It is estimated by BMWi (German Federal Ministry of Economic Affairs and Energy) that by 2035, close to 60 percent, then by 2050 reaching to 80 percent of the electricity in Germany will be generated be renewable power sources. Wind energy and photovoltaics, which are intermittent in nature, will be the main components of power delivery. With large volumes of fluctuating renewable energy generation connected to the grid system, at times there will be an oversupply of electricity followed by periods of scarcity which pushes the power grids to their capacity limits. This is currently being compensated by conventional power plants. With the growing share of renewable energies, flexibility in the grid system and electricity requires the use of energy storage of all sorts to mitigate generation and load peaks. In this situation, energy storage systems are the clear favorite choice due to fast reaction and versatility that energy storage allows.
Stefan Schauss, President and CEO of Enerox stated: "We are delighted to have been selected by Gelsenwasser for this important project. We are able to supply the long duration battery system for this pioneering project which reflects the company's vision and focus on becoming an integral part of future energy infrastructure solutions that CellCube intends to deploy worldwide."
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 EnerCube Switchgear Systems Inc. (formerly Jet Power & Control Systems Ltd.) and PowerHaz Energy Mobile Solutions (formerly HillCroft Consulting Ltd.) and its investment in Braggawatt Energy Inc., CellCube 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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