A contract from Sempra Energy (NYSE:SRE) San Diego Gas And Electric (SDG&E) has been awarded to AES Corp (NYSE:AES). This contract incurs AES responsible for building two new energy systems to store products. These should in total have a capacity of 37.5 megawatts.
Both of these energy storing systems will be Advancion 4 storage systems – developed by AES. One of this will be located in Escondido and be able to hold a capacity of 30 MW. The second will be situated in El Cajon and will have a total capacity of 7.5 MW.
The combination of these two systems will be able to provide a total of 37.5 MW of power for four consecutive hours as well as 75 MW of flexible resources to the power grid.
These systems will also come equipped with batteries by Samsung SDI Co Ltd (KRX: 006405) as well as power conversion systems by Parker Hannifin Corp (NYSE:PH).
The estimated time of implementation is around the end of 2017. AES stated that the Escondido Array will be one of the largest battery-based storage systems project operations in the U.S
The reasoning behind the implementation of these two separate storage systems is due to the fact that in May, it was requested that electric utilities rapidly increase the speed of installations of new energy storage alternatives.
The request for this came from CPUC – California Public Utilities Commission’s, they believe that these systems are crucial in the improvement of currently operating electric infrastructure as well as regional energy reliability as well as the ability to facilitate any addition of new renewable energy sources.
SDG&E’s Chief Development Officer, James Avery stated that these batteries will remain beneficial as they will be able to maintain a reliable flow of power when it is needed most.
Furthermore, he stated that the batteries will aid in a seamless incorporation of clean energy into the power grid for usage of their customers.
Progressive Care Inc (OTCMKTS:RXMD) Issues Earnings Update For July 2016
Progressive Care Inc (OTCMKTS:RXMD) has recorded yet another decline, after having issued a promising earnings report on August 15. It should be noted here that RXMD has achieved if FY2016 earnings target, in just the 1H2016. Since the announcement, the stock has lost $0.003 in its share value. The company had issued an earnings update on August 18, stating that it continues to exceed expectations, with $1.5 million in revenues for the month of July alone.
The company reported that majority of the revenues in July came from its subsidiary PharmCo, which filed over 16,600 prescriptions, during the month. Progressive Care’s CEO, S. Parikh Mars, revealed that this was only the slow season for the company and the busy season was yet to come. He also stated that changes in reimbursement fees had also been affecting revenues negatively. Mr. Mars also hinted at a number of marketing campaigns and the pursuing of an aggressive marketing strategy by the company, this fall.