30th Jan 2015 08:42
LONDON (Alliance News) - Camco Clean Energy PLC Friday said it is focused on the launch of the REDT flow battery in 2015, and said it has already received a small number of orders after manufacturing began earlier this year.
During 2014, the company has been progressing its low-cost flow battery, the REDT, which is being produced by manufacturing giant Jabil Circuit Inc in Scotland. A flow battery is a type of rechargeable battery.
Camco said over the next year, it is focusing on the launch of REDT, and said successful technical implementation in customer applications and achieving a low-cost sale price to ensure economic commercial applications for customers were critical to the success of the battery.
"REDT's 2015 strategy is now focussed on ensuring that these two drivers are achieved," said Camco.
The company has secured initial orders for 5 REDT battery units in 2015, and is expecting to begin generating revenue from the batteries in 2015, stating any customers would become "early adopters".
Camco said it has also made an initial 40% reduction in costs for the REDT batteries, with further reductions expected through the supply chain and research initiatives it has put in place, said Camco.
While it is focused on the launch of the REDT battery, the company has continued to generate revenue through its US and Africa clean energy business, which have both performed well during 2014.
Camco said it was expecting its results for 2014 to be "comfortably ahead of management expectations".
"After a period of substantial change in recent years, 2014 saw the company stabilise and start to expand its business activities, with a particular focus on taking REDT from a prototype product into commercial production, which has been a huge success," said Chief Executive Scott McGregor.
Camco shares were up 7.3% to 5.50 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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