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Camco Clean Energy boosted by REDT grant win in South Africa

Camco Clean Energy boosted by REDT grant win in South Africa

Camco Clean Energy (LON:CCE)  shares powered higher on news that its REDT unit has been awarded a €400,000 grant to install a hybrid energy storage platform at a hotel in South Africa.

Camco, which specialises in renewable energy through solar, biogas, hydro and wind power, holds a 49% stake in REDT.

The unit has developed a new storage technology which enables the efficient and sustainable storage of electrical energy in liquid form.

The €400,000 funding has been given to REDT by the Energy and Environmental Partnership for Southern and East Africa.

It will be used on a profit to install a hybrid energy system at the Thaba Eco Hotel in Johannesburg (pictured) which currently has a weak grid connection and a back-up diesel generator.

It is proposed that a 180kWh REDT system will be teamed with a 100kW photovoltaic installation (a method of converting solar energy into direct current electricity) as well as an existing diesel generator.

“The 20+ year lifetime and performance of the REDT Energy Storage system allows us to save money on diesel purchases, diesel generator maintenance and power purchases from the grid,” said Rueben Louw, chief executive of Thaba Eco Hotel.

Camco boss Scott McGregor said the REDT Energy Storage system can provide businesses with a stable long term supply of power.

Camco shares shot up 14% to 5p on the news. 

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RedT Energy PLC Timeline

December 14 2015

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