TORONTO, May 1, 2018 /PRNewswire/ --
Stina Resources Ltd. ("Stina" or the "Company") (CSE: SQA) (OTCQB: STNUF) (Frankfurt: 01X) is pleased to announce the completion of an arm's length transaction to acquire all the outstanding assets of former Gildemeister Energy Storage GmbH, including its CellCube vanadium flow battery, and its energy storage business.
Stina has established a new wholly-owned Austrian subsidiary, Enerox GmbH, that has acquired the Gildemeister assets and business. Enerox is one of the world's first and largest researchers, developers, manufacturers and distributors of vanadium flow batteries. As an industry leader in the energy storage sector, it has installed vanadium flow batteries at over 100 sites globally.
As energy storage deployments continue to rapidly increase globally, Stina is committed to invest in technology to further its industry advantages as a global, integrated energy storage company for both customer-sided and utility scale energy storage applications.
"Our investment in the former Gildemeister's assets have enabled us to immediately offer leading energy storage technology to global markets and complements our vision for Stina to be a fully integrated energy storage company. With our end-to-end business approach, we are bringing about the next evolution in the way energy storage will be integrated in demand-side and distributed generation power infrastructure alike," says Brian Stecyk, President and CEO of Stina.
"Enerox is pleased to announce the acquisition of all the assets of Gildemeister's CellCube energy storage business and will now be able to immediately resume the sale and installation of its energy storage solutions. CellCube batteries are based on a solid decade of experience in vanadium redox flow systems with over 100 installations worldwide. These systems provide large scale electricity storage solutions for energy centric market segments that are rapidly transitioning towards a 100% carbon free power infrastructure," commented Stefan Schauss, President and CEO of Enerox.
Storage markets are estimated to reach 40 GW by 2030 according to Bloomberg New Energy Finance's research. CellCube energy storage systems address the need for energy centric storage of clean, renewable electrical energy as well as reducing the CO2 footprint of conventional power generation. Energy centric storage applications, such as the shifting of intermittent renewable energy peaks into periods of high demand, will lead the transition of modern energy supply chains around the world.
The first CellCube batteries were installed in 2008 and with a decade of operational experience the technology has been proven to deliver long lasting energy storage infrastructure for deployments in a wide range of climates and heavy load applications. The technology has displayed superior operational experience in over 100 projects and has a solid track record of energy storage performance in many supply chain categories.
While the CellCube product line-up with "plug'n play ready" containerized systems is available today, Enerox expects to soon release the next generation of flow battery modules poised to seriously challenge competing technologies in the electrochemical storage space.
The total acquisition price of €5,210,000 (CDN $7,788,950) has been fully paid for with proceeds from recent private placements. Besides the CellCube battery technology, the major assets Stina is acquiring include all inventory on-hand, capital asset equipment used in the manufacturing of the CellCube battery, software, intellectual property including patents and trademarks, office equipment, Gildemeister's customer base and goodwill. Stina is not acquiring any debt on the acquisition.
About Stina Resources Ltd.
Stina's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed Stina and its wholly-owned subsidiary, Enerox, into a leading integrated resource and energy storage company. Together with the Company's recent acquisition of Jet Power & Control Systems Ltd., Stina is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both stand-alone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.
For further information, please contact:
THE CSE AND ITS REGULATORY SERVICES PROVIDER HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. WEE SEEK SAFE HARBOR
SOURCE Stina Resources Ltd.