Energia
CellCube Concludes the Closing of Pure Vanadium
"CellCube's acquisition of Pure not only gives CellCube very tightly held formulations but will support our goal to be a developer and supplier of superior quality and lower cost vanadium electrolyte for the storage industry," stated Mike Neylan , CEO of CellCube.
Pure's licenses were granted by the Battelle Memorial Institute, the operator of Pacific Northwest National Laboratory (PNNL"), a U.S. Department of Energy National Laboratory. The Company will continue to work with PNNL to commercialize the scientific technology PNNL has developed.
Under the terms of the acquisition, Pure will become a wholly owned subsidiary of CellCube, and the Company will acquire all the assets and assume the obligations owing ($187,000) in connection with Pure's research & development and business operations. CellCube will acquire all the outstanding common shares of Pure in exchange for 4,200,000 common shares of the company.
CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X, WKN A2JMGP) 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 feature 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.
On Behalf of CellCube Energy Storage Systems Inc.,
Mike Neylan , CEO, Director
Glenda Kelly , Investor Communications
Telephone: +1-800 882-3231
Email: info@cellcubeenergystorage.com
www.cellcubeenergystorage.com