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PHOENIX, Oct. 24, 2018 (GLOBE NEWSWIRE) — CellCube Energy Storage Systems Inc. (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (“CellCube” or the “Company”) is focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy. CEO, Mike Neylan, joined Stock Day’s Everett Jolly to talk about the energy storage market.
Jolly asked Neylan what makes CellCube different from other energy storage companies out there. He said their unique flow battery system sets them apart in the market.
“Our energy storage system is based on our vanadium redox flow battery technology,” he said. “Compared to other flow battery systems, we have a proven technology because of our ten year track record already with 130 installations in 24 different countries.”
He went on to say that track record and the proven nature of the technology is only one part of what makes them unique, “In comparison to lithium, what we are talking about is long duration capacity. They simply last longer, with a 4, 6 and 8-hour duration in the kind of energy storage charge and discharge capacity in what they can provide. That’s something Lithium just can’t do.”
Neylan added that there is no degradation with vanadium in comparison to lithium, as well. He said that the flow battery vanadium technology is as good on day one as it will be twenty years later.
Jolly then brought up a project in Southern Sweden. Neylan explained that it is a community microgrid project. He said the majority of the total energy supply for about 150 houses will be provided by solar and wind.
“What we were able to contribute to that project was the large storage capacity. That means the energy storage will act as a buffer against the intermittent use of solar and wind, allowing the entire community to rely upon 100 percent renewable energy because they can use the energy storage.”
Jolly then asked about a recent private placement of $4 million; he wanted to know what that money would be put towards. Neylan explained the private placement is still open for accredited investors and that CellCube is looking to close it shortly.
“In terms of the use of proceeds, we need to do a couple of things. First of all, we need some working capital just to bridge the time before we expect the sales revenues to ramp up in the first and second quarters of 2019,” he said. “The second is we are almost getting overwhelmed by the number of incoming inquiries in terms of proposals for sales of our energy storage system. We need to add more people to our sales team to handle the influx.”
He then said that CellCube is coming out with the launch of their 4th generation energy storage system in the second quarter. The base model for this new system will be 250 kilowatts with 1000 kilowatt hours at 4 hours duration.
Jolly then asked about a recent master service agreement with Pembina Pipeline Corporation, where the company’s subsidiary, EnerCube, will provide ongoing services to Pembina with respect to its electrical switchgear needs.
“Our switchgear business, think of it as the kind of equipment you need for connectivity to the grid,” explained Neylan. “EnerCube provides this kind of equipment to the CellCube energy storage system and industrial customers, – oil and gas, refineries, pipeline companies – and what this shows is that our contract writing on just that business alone is starting to ramp up.”
He explained the Pembina contract is potentially worth millions of dollars and represents another part of their business that is relatively undiscovered and undervalued as a part of their company.
To hear the entire interview with Mike Neylan, listen to the podcast here: https://upticknewswire.com/featured-interview-ceo-mike-neylan-of-cellcube-energy-storage-sys-inc-otcqb-cecbf-2/.
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) 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. CellCube recently acquired EnerCube Switchgear Systems (formerly Jet Power and Controls Ltd.) and Power Haz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and 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 130 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 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.
Mike Neylan, CEO, Director
Glenda Kelly, Investor Communications
Forward Looking Statements
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. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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