VANCOUVER, Feb. 4, 2020 /CNW/ - VanadiumCorp Resource Inc.
(TSX-V: "VRB") (the "Company") is pleased to announce it has signed
a Memorandum of Understanding ("MOU") with Delectrik Systems
Private Limited ("Delectrik"). VanadiumCorp and Delectrik
share a vision to develop integrated energy storage solutions
through the development of vanadium redox flow battery ("VRFB")
technologies.
The MOU allows the companies to collaborate on a number of
key strategic initiatives including:
- VRFB high power stack and electrolyte development
- Development of intellectual property
- Production of VRFB systems with integrated technology
- Production of VRFB systems for evaluation by third parties
- Engineering, commissioning and logistics framework relating to
the production of VRFB Systems
- Assess and model manufacturing of VRFB integrated
solutions
- Assess all cost reduction possibilities and requirements for
scaled manufacturing
- Potential commercialization of high power stack and
electrolyte
- Application modeling for many different use cases
- Assess collaboration, partnership or joint venture
possibilities
Upon a successful VRFB demonstration, VanadiumCorp and Delectrik
will enter into a definitive agreement which may include
manufacturing rights and other considerations supporting scaling
commercial production.
VanadiumCorp and Delectrik both recognize the importance of
strategic vanadium supply, cost effective vanadium electrolyte and
VRFB architecture in the development of XRG® technology. Both
parties may endeavor to establish supply pathways including
VanadiumCorp Electrochem process technology and wholly owned
mineral resources. The parties agree to explore unique and
alternative business relationships which may further the party's
objectives.
Delectrik Systems Private Limited is an established
vanadium redox flow battery producer based in Gurgaon, India. Delectrik's products are based on
patented stack and system design using a proven and mature vanadium
redox flow battery chemistry. Delectrik systems are designed to
offer a highly scalable and flexible Energy Storage solution based
on customer needs and consist of standard VRFB building blocks of
40 kWh and 200 kWh capacity. These systems can be customized and
connected together to build capacities ranging from 20 kilowatt
hours to several megawatt hours. With expertise in manufacturing
and deploying VRFBs spanning decades, Delectrik is expanding its
operations with strategic partners and is focused on providing
sustainable and affordable electricity to businesses and
individuals via decentralized electric systems.
VanadiumCorp Resource Inc. is developing a dedicated
supply chain to power vanadium based energy storage technology with
the lowest cost and carbon footprint. The Company wholly owns XRG®
technology, a resource base in mining friendly Quebec, Canada and jointly owned process
technology that recovers vanadium sustainably and
efficiently.
XRG® is next generation energy storage technology powered
by its own supply chain. XRG® incorporates the strength of
experienced companies and industry veterans to drive product
development. By integrating the leading improvements in VRFB
architecture, components will be manufactured sustainably and will
also be 100% reusable & recyclable. With the lowest cost and
carbon footprint, XRG® intends to revolutionize energy projects,
renewable energy and entire power grids. The XRG® development
facility is located in Rastatt, Germany. XRG® is a VanadiumCorp GmbH
technology. Further information will be available at www.xrg.com in
coming weeks.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE VanadiumCorp Resource Inc.