VANCOUVER, March 17, 2020 /CNW/ - VanadiumCorp Resource Inc.
(TSX-V: "VRB") (the "Company") is pleased to announce that
it's wholly owned subsidiary in Germany, VanadiumCorp GmbH has signed an order
and contract for a vanadium redox flow battery system ("VRFB") and
a Memorandum of Understanding ("MOU") with Ecosource NV
("Ecosource") a Cordeel Group NV company. Both companies plan to
jointly manufacture VRFBs and share a vision to develop integrated
clean energy solutions.
VRFB Order and Contract
VanadiumCorp has recently
contract manufactured and deployed a 12.5 kilowatt / 40 kilowatt
hour VRFB system for delivery to Ecosource in Temse, Belgium. Commissioning and training will
commence immediately upon delivery. The VRFB will be utilized for
demonstration and field testing to assess utilizing VRFB systems
for megawatt to gigawatt green energy applications.
Memorandum of Understanding
The MOU describes the
developments and objectives that VanadiumCorp GmbH and Ecosource
agree to explore together. Within the MOU, both parties undertake
to (1) investigate the feasibility of VRFB manufacturing and (2)
negotiate the terms and conditions of the following:
- A joint venture enabling megawatt to gigawatt manufacturing
potential
- Round one investment into VanadiumCorp GmbH through the
purchase of securities of VanadiumCorp Resource Inc, the price of
which is determined at the time of signing, timed with success of
the first VRFB commissioning.
- Funding the CAPEX for commercial VRFB production
- Integration of renewable energy technologies
- Stationary and mobile energy storage applications
- Development of intellectual property, know-how, partnerships
and mineral resources owned by VanadiumCorp as the leading position
to mitigate the cost and carbon footprint of VanadiumCorp VRFB
technology.
On behalf of the board of VanadiumCorp GmbH:
Adriaan
Bakker
Chief Executive Officer
EcoSource NV is a Cordeel Group company focused on
development of green energy projects.
VanadiumCorp Resource Inc. is developing an
integrated supply chain enabling scalable, safe, sustainable, low
cost, long duration energy storage solutions for the clean energy
future. VanadiumCorp is developing vanadium redox flow battery
technology under its XRG® brand, a wholly owned vanadium resource
base in Quebec, Canada and jointly
owned process technology that recovers vanadium sustainably and
efficiently.
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.
Cautionary & Forward-Looking Statements
This
release contains forward-looking statements. All statements other
than statements of present or historical fact are forward-looking
statements, including statements with respect to the anticipated
use of Private Placement proceeds and anticipated receipt of final
TSX Venture Exchange acceptance for the Private Placement.
Forward-looking statements include words or expressions such as
"will", "subject to", "expect" and other similar words or
expressions. Factors that could cause future results or events to
differ materially from current expectations expressed or implied by
the forward-looking statements include general business, economic,
competitive, political and social uncertainties; the state of
capital markets and risks that may impact the Company's business,
operations and financial condition. Although the Company believes
that the expectations reflected in these forward-looking statements
are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be
correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Additional information on these and other
factors that could affect the Company's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). We disclaim any obligation to update or
revise these forward-looking statements, except as required by
applicable law.
SOURCE VanadiumCorp Resource Inc.