VRB Power Systems Inc. (TSX-V: VRB), producer of Vanadium Redox Batteries for energy storage, reported financial results for the quarter and nine months ended November 29 and further details of its largest order ever to Tapbury Management Limited of Letterkenny, Co. Donegal, Ireland ("Tapbury") for approximately US$6.3 million. This VRB-ESS will be coupled to Phase II (6.9MW of wind generation) at Sorne which is due to be installed in Fall, 2007.
The company reported a loss of on sales of
a 1.5MW x 8hr (12MWH) VRB-ESS will be coupled to Phase II (6.9MW of wind generation) at Sorne which is due to be installed in Fall, 2007.
Sustainable Energy Ireland ("SEI") and Tapbury jointly funding a study to ascertain and quantify the full potential economic benefits of coupling Vanadium Redox Batteries with wind farms in Ireland. This study focuses on Sorne and the benefits that will accrue through the coupling of the 12 MWH VRB-ESS to Phase II at Sorne.
The data for this study is now complete and the report is being finalized. This report will form a "blue-print" for the sizing of VRB Energy Storage Systems with wind farms across Ireland and it will be used by SEI as part of their determination of the economic potential for battery storage in Ireland. Once finalized, it is anticipated that SEI will publish details of the Study.
With estimates that there could be a need for in excess of 700 MW of storage in Ireland to enable the successful roll out of its most abundant natural resource, this is clearly a key sale for the Company.
(Note - all dollars Canadian)
Other Significant Sales
- Sale of a 10kWh VRB-ESS to Eskom Holdings, one of the world's largest
utilities which is based in South Africa. This system will be used and
assessed by Eskom as a source of back-up power for one of its
- Trials of 10kWh systems commenced with a major North American cellular
telecoms provider and with the Company's distribution partner in
Slovenia, Eurel Inzeniring Company ("Eurel")
- Three 10kWh systems were shipped during the period; the two trial
units above and a system was delivered to Pinnacle VRB Ltd. (Pinnacle)
- Subsequent to the end of the period, additional 10kWh systems were
shipped to Pinnacle in Australia and to Eskom Holdings in South Africa
as well as a 30kW x 2hr system for the South Carolina Air National
- The Company closed a bought deal financing for gross proceeds of
- Sales revenue and other income was $43,919 for the quarter and
$226,842 for the nine months compared to $47,181 and $83,694 for the
comparative periods in 2005
- Expenses were $2,516,640 for the quarter and $7,765,330 for the nine
months compared to $2,280,953 and $5,745,697 for the comparative
periods in 2005
- Net loss after other items of $2,472,721 ($0.02 per share) for the
quarter and $7,538,488 ($0.07 per share) for the nine months compared
to $2,133,672 ($0.02 per share) and $794,883 ($0.01 per share) for the
comparative periods (the net loss in the comparative nine month period
included a gain of $4,467,050 on the disposal of the Company's former
subsidiary, Pinnacle VRB Limited)