CellCube Signs Agreement With Immersa for $6 Million US for Its 4th Generation Energy Storage Systems
TORONTO, June 13, 2019 (GLOBE NEWSWIRE) -- CELLCUBE ENERGY STORAGE SYSTEMS INC. (“CellCube” or the “Company”) (CSE CUBE) (OTCQB CECBF) (Frankfurt 01X, WKN A2JMGP) is pleased to announce that CellCube has signed a Commercial Framework Agreement with Immersa Ltd. which reserves production capacity and installation services for CellCube’s recently released new generation of Vanadium Redox Flow Battery System. The definitive contract was signed on June 12, 2019 and represents a value of $6 million dollars USD expected timing for delivery within 24 months. This contract gives Immersa Ltd. dedicated conditions on price, delivery terms and electrolyte-as-a-service model.
The increasing market demand for long duration energy storage either standalone or in combination with solar installations has developed a large pipeline of projects in the UK. Immersa Ltd. is in the final contracting stage. “We are delighted to have secured production capacity from CellCube for our large grid MW-project pipeline,” Robert Miles, CEO & Director of Immersa Ltd., says, and adds, “the combination of a best-in-class performance product at predictable price and delivery terms is key for our finance partners and customers. This allows Immersa not only to offer services at an attractive price but to deliver on multiple projects at the same time. The goal for many of our clients is to replace conventional generation and cover grid shortfalls with green energy thereby reducing CO2 emissions significantly and as soon as possible.”
“After signing the distributorship agreement at the beginning of the year (see press January 31,19) and working jointly with Immersa and HICC Energy on a large scale storage deployment we made the next important step to get our award-winning CellCube ready for delivery to the UK,” Alexander Schoenfeldt, MD and COO of CellCube’s subsidiary Enerox, says. “Customers realize the need for clean, safe and environmental friendly energy storage and specifically in the stationary long duration, and when multiple cycles per day are needed. CellCube can offer the most reliable and performing alternative to Lithium.”
Stefan Schauss, CEO of CellCube adds, “The market feedback on our new product generation is amazing and I am excited that with our outperforming lowest levelized costs we can help so many customers and projects in the world. Immersa is working with multiple partners in different regions on ramping production and offering a bankable storage asset for a minimal lifetime of 25 years.”
About Immersa Ltd. https://www.immersa.co.uk/
Immersa Limited is an active company incorporated on 14 April 2016 with the registered office located in Dursley, Gloucestershire. The primary business is solution and technology based environmental consulting, using detailed analysis for selecting optimum energy storage using advanced battery systems. These systems provide renewable or clean technology and smart grid integration including demand side response.
Immersa’s experienced team has developed and implemented large scale utility projects throughout UK and Europe. These high value complex projects require a multi-disciplinary approach utilizing in-house capabilities. We employ leading specialist advisors to ensure all the areas of compliance are carried out effectively and diligently.
About 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, WKN A2JMGP) 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. Enerox GmbH is the developer and manufacturer of CellCube energy storage systems. CellCube’s other subsidiaries are EnerCube Switchgear Systems, Power Haz Energy Mobile Solutions Inc. The Company has also 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 136 project installations and a 10 year operational track record. Its highly integrated energy storage system solutions features 99% residual energy capacity after 11,000 cycles and larger scale containerized modules. Basic building blocks consist of a CellCube unit family with 2-16 hours variation in energy capacity.
On behalf of CellCube Energy Storage Systems Inc.,
Stefan Schauss, CEO
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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