LONDON (ShareCast) - (Sharecast News) - Energy storage technology company RedT Energy has received a provisional notice to proceed from Pivot Power, an EDF Renewables company, over the Energy Superhub Oxford Project, it announced on Monday.

The AIM-traded firm said that with notice granted, manufacturing of 5MWh of vanadium redox flow batteries (VRFBs) for the project could now begin.

It said that, in line with previous announcements, 2MW, 5MWh of Vanadium redox flow batteries would be "hybridised" alongside a large lithium-ion system, provided by pan-European technology group Wartsila, to create what would be the world's largest example of a lithium-ion/flow battery hybrid energy storage system, and the UK's largest single deployment of flow batteries.

The provisional notice to proceed was granted following satisfaction of a number of conditions, including the receipt of planning permission, site surveys, and preliminary contracting and procurement activity.

RedT described Energy Superhub Oxford (ESO) as a "world-first project" which would showcase rapid electric vehicle charging, hybrid battery energy storage systems, low carbon heating, and smart energy management to support Oxford City Council in its net zero ambirtions.

The three-year, £41m multi-partner project part-funded by the UK government's Industrial Strategy Challenge Fund was said to be a "pioneering model" for the decarbonisation of power, transport and heat in cities across the UK and worldwide.

Additionally, RedT announced that it has concluded an agreement with AIM-listed integrated vanadium producer Bushveld Minerals to create a vanadium financing partnership, which it intended to use to provide the vanadium electrolyte for the ESO project.

The partnership, which would be owned by RedT and Bushveld, would take the form of a special-purpose vehicle structured to hold vanadium, then provide the option to rent that material to the company's current and future commercial pipeline on a project-by-project basis.

Within that framework, Bushveld made an initial commitment to supply vanadium for approximately 15 MWh of VRFBs.

"I'm very pleased to announce that we have moved to the manufacturing stage of this landmark project for the company," said executive chairman Neil O'Brien.

"Non-degrading, heavy-cycling energy storage has a key role to play in the decarbonisation of the world's major population centres, and I'm very proud that flow battery technology will play a key part in such an important project as the Energy Superhub Oxford."

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