Renewable project developer Camco Clean Energy said its focus away from its legacy carbon business was bearing fruit with its energy storage venture helping it perform above expectation.
Camco develops and finance renewable energy projects around the world – using solar, biogas, hydro or wind power technology.
Camco chief executive Scott McGregor, said: “Our trading results in the first half of 2015, whilst exceeding our expectations, are a clear reflection and vindication of the ongoing strategic focus that has been driven throughout the group in the last three years, shifting away from legacy carbon business, and realigning our efforts on higher margin activity, and the exciting progression within our REDT Energy Storage business.
The REDT Energy Storage business has a clear focus and path towards delivering a commercially and technically ground-breaking solution in the growing energy storage market sector based on its modular flow batteries.
McGregor said the initial 12 market seeding units are in production and will provide the platform to achieve volume commercial sales in 2016.
The first of these units completes production this week and will shortly be shipped to its development centre in Wokingham where it will be available for customer demonstrations with the other market seeding and Gigha units following thereafter.
Revenue increased from 4.8million euros in 2014 to 8.5million euros in 2015. A continued improvement in bottom line led to comprehensive profit of 0.1million euros posted compared to a loss in the corresponding prior period of 1million euros – ahead of management expectations.
Gross profit increased by 68% to 4.2million euros compared to 2.5m in 2014. This reflected US carbon credit portfolio sale and increase in US carbon credit sales prior to portfolio sale agreement.
“We continue to look forward to the future with a high degree of confidence and are very excited about the opportunities available to us, in particular with the ongoing development of REDT Energy,” said McGregor.
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