Golden Share Resources (“Golden Share” and “Company”) is pleased to announce that it has entered into a letter of intent (“LOI”) with Hunan Vanadium Valley New Energy Technology Co., Ltd of China (“HVVNET”) to jointly develop a custom-built Vanadium Redox Flow battery (“VRFB”) exclusively for the Company, based on Golden Share’s Licensed Vanadium Electrolyte (“Licensed VE”).
Under this LOI, HVVNET will experiment with its existing battery systems to match Golden Share’s Licensed VE to seek overall better battery performance, and eventually contract manufacture VRFB for Golden Share. The experiments are expected to be completed by the end of 2018. Both HVVNET and Golden Share will implement the LOI on a best efforts basis.
The Licensed VE, developed by Pacific Northwest National Laboratory (“PNNL”), has advantages over previous generations, including a wider temperature-operating range and higher energy density (please refer to the Company’s press release dated October 18, 2016).