VanadiumCorp has penned an agreement under which it will grant Ultra Power Systems access to its VanadiumCorp-Electrochem technology.
Battery metal explorer VanadiumCorp Resource (TSXV:VRB) has penned an exclusive patent option agreement with Ultra Power Systems, granting the latter access to the VanadiumCorp-Electrochem processing technology (VEPT) in Australia.
According to the announcement, Ultra Power Systems plans to use the exclusive VEPT license to speed up construction of the world’s first dedicated vanadium-processing facility.
“This agreement represents a new chapter for VanadiumCorp with the benefit of cash flow and a realistic commercialization pathway for VanadiumCorp and Electrochem’s jointly developed green processing technology,” VanadiumCorp CEO Adrian Bakker said in the press release.
He continued: “Our vision to establish the most efficient and sustainable solution for energy storage is within reach years sooner than anticipated.”
The vanadium extraction technology deal allows all three companies to manifest their vision of reducing carbon footprints, creating renewable energy storage solutions and supplying vanadium to a number of growing sectors.
Ultra’s mission is to use the emerging potential the green energy storage solution offers to integrate low-cost battery-grade vanadium electrolyte into vanadium redox batteries from virtually any source in much less time, using less capital than that of current vanadium extraction processes.
Also, VEPT drastically reduces emissions associated with vanadium extraction, and makes operations more affordable through the production of valuable by-products.
“We are excited to commercialize VEPT exclusively in the mining friendly and vanadium rich jurisdiction of Australia. With strong channel partners, investors and government support we intend to establish the leading integrated solution for vanadium batteries worldwide,” said Brad Appleyard, managing director of Ultra Power Systems.
Appleyard sees vanadium demand growing as more of the battery metal is used in the energy storage sector, making the deal with VanadiumCorp especially advantageous.
“Stationary battery storage is the key to a successful transformation of the energy industry into one based on renewable energy,” said Appleyard. “Vanadium redox flow batteries are the cleanest and most effective such technology available today.”
The potential VEPT offers isn’t exclusively reserved for the vanadium sector either. The process, which was invented by Dr. Francois Cardarelli, was designed for the recovery of vanadium, iron, titanium, and silica feedstocks.
“This patent option agreement is in line with our corporate strategy to monetize our patents that will require large scale operations,” said Francois Cardarelli, president of Electrochem.
“This important milestone regarding the VEPT will allow this disruptive and robust technology to be implemented in Australia, a jurisdiction particularly favorable considering the large deposits of vanadiferous titanomagnetite already in production or close to commercial production.”
Shares in VanadiumCorp were halted on the TSXV in mid-June, but the cease trade order was revoked on December 7th after the company filed a technical report as requested by the British Columbia Securities Commission. VanadiumCorp intends to apply to the TSXV for reinstatement of its common shares.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: VanadiumCorp Resource is a client of the Investing News Network. This article is not paid-for content.