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Classified in: Oil industry
Subject: ACC

CellCube Provides Corporate Update, Comments on Unusual Trading Activity


TORONTO, August 7, 2018 /PRNewswire/ --

CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt 01X) is pleased to announce the following update to its shareholders and the broader investment community.

The Company continues to successfully execute its strategy of providing innovative grid scale energy storage solutions and related products and services to companies, utilities and other customers around the globe. CellCube is one of the most advanced and proven large scale energy storage systems utilizing leading vanadium flow battery technology.

Several leading independent research firms are forecasting rapid growth in energy storage.  According to Bloomberg New Energy Finance's research, storage markets are estimated to reach 40 GW by 2030, and are estimated to spend over $100 billion in the ramp-up phase over the same time period. According to Navigant Research, the grid-connected energy storage market is expected to grow 44 per cent annually with the market size reaching $18-billion (U.S.) by 2024.

CellCube believes that the energy storage industry is on the verge of a tipping point to mass deployment. To-date, vanadium flow batteries (VFBs) have proven to be a leading method of grid scale energy storage.  Management strongly believes CellCube is ideally positioned to capitalize on the growing demand for VFBs worldwide to help meet the world's rapidly growing energy storage needs and to be part of the solution to address global warming and advance the transition away from fossil fuels toward greater reliance on renewable energy sources.

2018 Highlights:  

While CellCube does not normally comment on market activity or market rumours, the Company believes it is appropriate to issue the following remarks in light of the unusual activity related to its common shares.

CellCube reiterates that neither the prospects for the energy storage industry nor the fundamentals of its business have changed since the acquisition of the Gildemeister assets. The Company is aware of no material events that would contribute to the unusual trading activity.

"We continue to execute our growth strategy, and our business is progressing as expected," commented Mike Neylan, CEO. "We are very encouraged by the interest shown in CellCube by institutional investors and clean energy companies in both North America and Europe."

The Company also states that several officers and directors have been buying shares in the open market over the past several weeks.

About CellCube:  

CellCube's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed CellCube and its wholly-owned subsidiary, Enerox GmbH, into a leading integrated resource and energy storage company. Together with the company's recent acquisition of Jet Power & Control Systems Ltd. (now renamed EnerCube Switchgear Systems Inc.) and Hillcroft Consulting Ltd. (renamed PowerHaz Energy Mobile Solutions Inc.) and its investment in Braggawatt Energy Inc., CellCube 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.  

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.  

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. 

For further information, please contact:  

Glenda Kelly
CellCube Energy Storage Systems Inc.
Telephone: 1800 882-3213  
Email: [email protected] 
http://www.cellcubeenergystorage.com

SOURCE CellCube Energy Storage Systems Inc.


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