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American Vanadium Corp. (TSXV:AVC) announced that it’s entered into a letter of intent (LOI) under which it will acquire GILDEMEISTER Energy Storage GmbH (GES), a subsidiary of DMG Mori Seiki AG.
American Vanadium Corp. (TSXV:AVC) announced that it’s entered into a letter of intent (LOI) under which it will acquire GILDEMEISTER Energy Storage GmbH (GES), a subsidiary of DMG Mori Seiki AG. GILDEMEISTER manufactures the CellCube vanadium flow energy storage system.
As quoted in the press release:
With numerous international, successfully realized and independent reference projects, GES is a leading supplier of proven and commercially available vanadium flow battery systems. Thus far, GES’s installed base of CellCube energy storage systems have accumulated almost two million hours of continuous operation.
CellCube’s patented flow battery technology delivers major benefits to the modern energy market place resulting from a lifetime of 20+ years and unlimited cycles, achieving a low levelized cost of electricity and total cost of ownership compared to other storage technologies. The battery systems are specifically designed for delivering reliable power up to 10 MW with stable energy capacity for long storage durations of 2 to 12 hours. As vanadium flow batteries are not a fire hazard and do not explode, and its vanadium electrolyte is reusable, the vanadium flow battery is a true clean and green technology.
Bill Radvak, president and CEO of American Vanadium, commented:
With 15 years since R&D began, seven years since the commercial launch of its first system and now having installed more than 100 units, the CellCube has successfully been established as the world’s most commercially advanced flow battery. With our plan to provide a CellCube finance program, as well as invest in scaling manufacturing and further reduce CellCube production cost, we look forward to building the business into a global energy storage leader. Our vertical integration strategy of combining the “best in class” CellCube system and American Vanadium’s future development of high purity vanadium electrolyte from the Gibellini Vanadium Deposit located in Nevada presents a unique opportunity to create a global leader at an opportune time.
Click here to read the full American Vanadium Corp. (TSXV:AVC) press release.