CellCube Energy Storage Systems Signs Sales Agreement for the Development of Thailand's Renewable Infrastructure
TORONTO, September 6, 2018 -- CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (CSE: CUBE.CN) (OTCQB: CECBF) (Frankfurt: 01X) is pleased to announce the signing of a sales partnership agreement with Bettenergy Company Ltd. ("Bettenergy") for the development in Thailand of microgrid and solar plus storage applications.
Bettenergy, with headquarters in Bangkok, Thailand, is a leading solution provider for renewable powered energy projects ranging from rural community microgrids to power distributed energy resource projects for the private sector. The company develops and markets projects throughout Thailand that help mitigate renewable intermittency from standalone photovoltaics deployment. Bettenergy provides solutions for overcoming power supply problems from public grids in rural and commercial and industrial segments.
"We are very proud and honoured to be authorized by CellCube as their sole sales partner in Thailand. CellCube is the leading supplier of vanadium redox flow energy storage systems with the most proven and advanced technology with over 130 installations globally. We are confident, that with support from CellCube, we will rapidly grow our business and be a trusted solution of choice for the Thailand energy Industry," said Supaporn Saengtrakulcharoen, Director of Bettenergy.
"We are delighted to start working hand-in-hand with Bettenergy in their development of sustainable renewable energy projects," states Stefan Schauss, President of CellCube. "CellCube energy storage flow technology provides the dominant solution for long-duration storage allowing 4 to 16 hours of stored energy and will substantially help to build additional resiliency in local power grids. CellCube's products match the long-lasting product life time of renewable generation assets and can provide up to a 30 year supply of stored energy without any degradation in storage capacity."
CellCube has signed an exclusivity agreement to collaborate will Bettenenergy in Thailand. Bettenergy will directly buy the CellCube energy storage system at a set supply price per project. The contract is for 12 months and can be extended based on performance.
CellCube Energy Storage Systems Inc. (CellCube) is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X) focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry and recently acquired the assets of Gildemeister Energy Storage GmbH, now Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. It has also acquired EnerCube Switchgear Systems (formerly Jet Power and Controls Ltd.) and Power Haz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and has invested in an online renewable energy financing platform, Braggawatt Energy Inc.
CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 130 project installations and a 10 year operational track record. Its highly integrated energy storage system solutions feature 99% residual energy capacity after 11,000 cycles with the focus on larger scale containerized modules. Basic building blocks consist of a 250kW unit family with 4, 6 and 8 hours variation in energy capacity.
For further information, please contact:
Glenda Kelly, Investor Communications
Telephone: 1 (800) 882-3213
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 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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