5th Nov 2013 12:55
LONDON (Alliance News) - Camco Clean Energy PLC Tuesday said that REDT, an energy storage company which it has a 49% interest in, has won a major funding award of GBP3.6 million from the UK Department for Energy and Climate Change Energy Storage Technology Demonstration Competition.
The sustainable energy development company said REDT received the reward for demonstrating a 1.3 megawatt hour utility scale system of its grid scale flow battery technology.
REDT developed a new proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form and its 1.3 megawatt hour storage project is designed to demonstrate a cost effective solution for the UK grid and to benefit long term energy prices in the UK and elsewhere
Camco said it expects the energy storage market to reach EUR15 billion in 2020 and to be at EUR26 billion by 2030.
Camco shares were up 6.6% to 7.20 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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