CellCube Energy Storage Systems Inc. (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) is pleased to announce the Company is to be refunded certain transactional taxes and fees from the Austrian authorities in connection with an acquisition announced May 1, 2018. The refund has cleared tax authority review and the proceeds of the refund of approximately $1,670,000 CAD is anticipated to be returned to CellCube’s wholly owned subsidiary in Austria in the coming weeks.

The relevant transaction was the acquisition of the Austrian based assets of former Gildemeister Energy Storage GmbH (closing announced May 1, 2018).

The Company plans to use the proceeds in the continuous build out of the core technology of energy storage systems based on vanadium redox flow battery technology thus accelerating development of next generation products and customer development.

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.