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Funding of Aus $1.83 Million (C$1.67 Million) Made Available in Australia for the Deployment of VRB Energy Storage Systems(TM)
Vancouver, Canada (ots/PRNewswire) - VRB Power Systems Inc. (TSX-V: VRB) announces that Aus $1.83 million (C$1.67 million) has been made available by the Australian Government under the Advanced Electricity Storage Technologies programme ("AEST") to provide funding towards the deployment of a number of VRB Energy Storage Systems(TM) in remote solar and wind applications across Australia with an initial focus on Windy Harbour, a remote community in Western Australia. This funding has been made available to VRB Power's Australian distributor, Cougar Energy Limited (formerly Pinnacle VRB Limited), which intends to use the funding to incentivize purchases of up to 90 VRB-ESS(TM) units at suitable sites across Australia over the next three years.
"VRB Energy Storage Systems(TM), which can store electricity produced by solar or wind generators, are ideally suited to Windy Harbour where residents run diesel or petrol generators to meet their electricity needs," stated Dr Len Walker, Managing Director of Cougar Energy. "The aim of the Windy Harbour project is to significantly reduce or eliminate the use of diesel and petrol driven engines for electricity generation."
"Renewable energy electricity generation sources, primarily solar photovoltaic or small wind turbines, coupled with appropriately sized VRB Energy Storage Systems and power conversion equipment will be used to create a number of reliable, environmentally friendly and continuously available high quality power systems," concluded Dr Walker. "We are very pleased with this development," stated Tim Hennessy, CEO of VRB Power. "We believe that Australia is a great market for our products with lots of opportunities in solar and wind applications both on- and off-grid. We are also pleased to see the Australian government recognizing the need for energy storage in order to maximize Australia's renewable resources." "This funding will enable the sale of a significant number of our systems for solar and wind applications in the remote community in and around Windy Harbour and across Australia. We believe that remote area power supplies represent a large and growing market for our products and this government funding will enable the early adoption of our technology in these markets and position us to make further larger sales based on the performance and economics of our products," concluded Hennessy.
The 5 year Aus $20.4 million Advanced Electricity Storage Technologies programme was announced in June 2004 in the Australian Government's Energy White Paper, "Securing Australia's Energy Future". The programme seeks to identify and promote strategically important advanced storage technologies in order to increase the ability of renewable energy-based electricity generation to contribute to Australia's electricity supply system. Advanced storage technologies for electricity applications include, but are not limited to, batteries, electro-mechanical, chemical and thermal storage technologies in either on-grid or off-grid situations. The Australian Greenhouse Office, in the Department of the Environment and Water Resources, administers the programme with policy advice provided by the Department of Industry, Tourism and Resources. Further details are available on www.greenhouse.gov.au/renewable/aest/index.html.
About VRB Power
Headquartered in Vancouver, Canada, VRB Power Systems Inc. is an energy storage technology developer, which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS can economically store and supply large amounts of electricity on demand and is focused on stationary applications. It is a long life, cost effective, low maintenance, efficient technology that allows for the scalability of power and storage capacity independently. The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand. The VRB-ESS is well suited for a variety of applications. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load levelling (peak shaving) applications. The VRB-ESS is also capable of providing backup power solutions including applications for utility sub-stations and telecommunication sites. The VRB-ESS is characterized by having the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on substances such as lead or cadmium.
Caution regarding forward-looking statements: VRB Power's press releases may contain forward-looking statements. These statements are based on management's current expectations and beliefs which are subject to a number of known and unknown risks and uncertainties (including, but not limited to, the risk factors described in VRB Power's Annual Information Form filed with the British Columbia Securities Commission and available at www.sedar.com) that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. The Company does not assume any obligation to update any forward-looking statements contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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