TNG Signs MOU With Vanadium Redox-Flow Batteries Manufacturer in Development of Mount Peake

TNG Limited (ASX:TNG) announced that it has signed a non-binding memorandum or understanding with a vanadium redox-flow batteries manufacturer in the development plan for its Mount Peake project in the Northern Territory, as a potential offtake partner and to look at the feasibility of installing a VRB unit to help power the operation.

As quoted in the press release:

The growing use of Vanadium Redox-Flow Batteries (VRB’s) worldwide is one of the key drivers of projected rapid demand growth for vanadium, given their extremely large storage capacity – which makes them well suited for use in large power storage applications. The MOU provides a unique opportunity for TNG to partner with one of the world’s leading VRB manufacturers, resulting in an integrated approach for the development and sale of the vanadium products from Mount Peake to the high value and fast-growing VRB market, as well as investigation of the feasibility of installing a VRB unit directly at the Mount Peake mine site. Such an installation could significantly reduce power costs and minimize the operation’s carbon footprint, delivering important environmental benefits while also a showcase for future VRB installations in remote areas.

Highlights include:

• Non-binding MOU signed with a leading Vanadium Redox-Flow Batteries (VRB) manufacturer for the supply of vanadium product from Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory and the installation of a VRB unit on site.
• MOU provides a unique opportunity for TNG to partner with a key end-user, resulting in an integrated approach for the development and sale of vanadium products from Mount Peake to the high value and fast-growing global VRB market.
• The installation of a VRB unit on site at Mount Peake has the potential to slash the operation’s power costs, reduce its carbon footprint and become a showcase for the use of VRB’s in remote areas.
• The MOU also considers strategic cooperation for vanadium product development, focused on vanadium electrolyte as well as and marketing cooperation.

Paul Burton, managing director and TNG Limited, commented:

We are very pleased to have secured the involvement of leading VRB manufacturer in the evaluation and development strategy for the Mount Peake Project, potentially paving the way for binding agreements both for off-take and for the supply and installation of a VRB unit on site for the supply of electricity to the mining operation. This represents a great strategic fit for all parties, allowing us to develop an integrated approach to marketing our products to the high-value VRB market which represents the high-growth component of the global vanadium market,” he continued. “It is also consistent with our broader objective, which is to secure globally significant strategic partners to work alongside TNG in developing our world-class Mount Peake Vanadium Project and its products.

Click here to read the full TNG Limited (ASX:TNG) press release.