TORONTO, July 11, 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 the first of two CellCube energy storage systems was installed at O'Connell Electric in Victor, New York. The battery will be part of a micro-grid solar plus storage system to maximize the use of energy and lower costs by 30-40%.
The microgrid is an alternative energy generation system for utilities, commercial and industrial businesses. The normal use of grid power is supplemented with a renewable source such as solar or wind. The energy storage component insures smooth operation during peak hours and intermittent power from renewable sources.
"Our reason for installing the CellCube battery is to assist in the management of our peak demand costs and maximize the solar PV that we have installed at our corporate office in Victor, New York," says Lane Young, Solar Division Manager of O'Connell Electric. "We are committed to the hybrid solar, plus storage solution, for our clients. This installation site will also serve as a 'show and tell' for all our potential customers. The collection of data will be used as a case study to advance the use of solar with the addition of storage."
O'Connell Electric will use the second CellCube battery as a demonstration system with the intention to become the North Eastern US agent for sales and installation of the CellCube storage systems.
Stefan Schauss, President of CellCube stated: "We are excited to have been selected by O'Connell Electric to have them feature our CellCube product and for them to be our North Eastern US agents. We believe that CellCube energy solutions will quickly become an integral part of future energy infrastructure solutions 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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