VANCOUVER, Sept. 27 /PRNewswire-FirstCall/ -- VRB Power Systems Inc. (TSX-V: VRB) announces that Sustainable Energy Ireland ("SEI"), together with Tapbury Management Limited, is funding a study to ascertain and quantify the full potential economic benefits of coupling Vanadium Redox Batteries with wind farms in Ireland.
The study will focus on Sorne Hill Windfarm, the recently commissioned 32MW windfarm which is located in Buncrana, Inishowen, Co. Donegal ("Sorne") and which is managed by Tapbury. In particular, the study will focus on the projected wind output from Phase II at Sorne, which is an additional 6.9 MW of wind power due to be installed in Fall, 2007, and the benefits of controlled output as well as additional output that will accrue from coupling a 12 MWH VRB-ESS to Phase II as recently announced.
An integrated forecasting system will be developed to optimize the storage element of the VRB-ESS, thereby maximizing the system's ability to enable smooth delivery of power from Sorne Phase II and other wind farms. The system will also determine the optimum schedule to release energy in order to ensure maximum revenues can be generated by the system. The study is expected to be completed by end of October, 2006 and will be used to determine the economic potential for battery storage operating in the forthcoming Single Electricity Market in Ireland. With over 3,000MW of wind energy in the application process in Ireland, there are estimates that there could be a need for in excess of 700MW of storage in Ireland to enable the successful roll out of its most abundant natural resource.
The results of the study will also be used by Tapbury to finalize the offtake and other commercial agreements relating to wind generation at Sorne Phase II.
"Given the rapid growth and potential for wind power in Ireland and the Government's commitment to the greater use of renewable energy in our electricity generation mix, it is critical that we begin now to examine technologies which will help us to realise our full potential" said David Taylor CEO of SEI. "SEI supports the development of innovative solutions and technologies which can help us to exploit our renewable resources in a sustainable way while maintaining the security and integrity of our supply network" he added.
About SEI
Sustainable Energy Ireland (SEI) is the statutory authority charged with promoting and assisting the development of sustainable energy. SEI is funded by the Irish Government under the National Development Plan 2000 - 2006 with programmes part-financed by the European Union. SEI provides energy policy information to the Government and is responsible for managing a number of demonstration and Union. SEI provides energy policy information to the Government and is responsible for managing a number of demonstration and information dissemination programmes in Ireland. Sustainable Energy Ireland website is http://www.sei.ie/
About Sorne Wind and Tapbury Management
Sorne Wind Energy Limited is a private company formed to develop a 32 MW wind farm at Sorne Hill, Buncrana, Co. Donegal, Ireland. The budgeted development cost for this wind farm is EUR40 million. Construction has been completed and all 16 turbines have been generating electricity since July 2006. Tapbury Management Limited is a private company formed specifically to provide administration and management services to Sorne Wind Energy Limited. This Company will oversee the implementation and the operation of the 12 MWH VRB-ESS at Sorne.
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 http://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.
Simon Clarke
Executive Vice President, Corporate Development
