Sparton Resources Inc. Major New Financing for VRB Energy Inc.
Sparton Resources Inc. Major New Financing for VRB Energy Inc.
TORONTO, July 02, 2021 (GLOBE NEWSWIRE) -- Sparton Resources Inc . ( TSXV: SRI) (" Sparton" or the "Company")
reported today on a major financing for its minority held subsidiary VRB Energy Inc. (“VRB Energy’). The Company currently
owns, through its subsidiary VanSpar Mining Inc., a 9.8% equity interest in VRB Energy”, a leading manufacturer of vanadium
flow batteries for large scale energy storage related to clean renewable electricity generation. (See Sparton News Release
dated June 30, 2021).
On July 2, 2021 VRB Energy announced an investment of US$24 Million by BCPG PLC (“BCPG”) – a Thailand-based public
company and developer and owner of renewable energy projects in the Asia-Pacific region, with 900 megawatts (MW) in
operation and a pipeline of over 2,200MW, across Southeast Asia, Japan and Australia.
Investment
The investment will support rollout of VRB Energy’s Gen3 VRB-ESS® product (“Gen3”), expanded manufacturing capacity, and
vertical integration of vanadium processing to meet growing global demand. Gen3 development is nearly complete and will be
the system for new future VRB Energy sales both domestically in China and internationally.
About BCPG PLC
BCPG Public Company Limited (BCPG), is among Asia-Pacific’s leading companies in renewable energy with solar power,
hydropower, wind power and geothermal power businesses in Thailand, Japan, Laos, Vietnam, the Philippines and Indonesia.
While committed to investing in and operating green power plants, it strives to enhance its business to fulfill consumers’ needs
by diversifying into more types of renewable energy and seeking innovative products and services for more sustainable use of
energy.
Robert Friedland, Chairman of VRB Energy commented in the VRB Energy news release:
"BCPG is a leader in Asia’s green energy revolution, and this investment reinforces our belief that VRB Energy’s game-
changing technology will be a catalyst for integration of massive amounts of renewable energy around the region”.
"Countries around the world are now committed to net-zero carbon solutions, which will require vast capital investment over the
next 25 years in energy storage. We're extremely proud to be bringing forward vanadium-based batteries as a key solution for
this global transformation,” added Mr. Friedland.
Dr. Mianyan Huang VRB Energy President, further commented: ““In addition to welcoming BCPG as an investor, we are also
working with them to add storage to their existing and planned projects to optimize system performance and enhance
revenues, as well as to explore other business development opportunities with them in Thailand including localization of
manufacturing,”
Mr. Bundit Sapianchai, BCPG CEO, commented: “We have been determined to strengthen our position as a leader in the
green energy sector through investment in smart energy solutions, and VRB Energy’s long-duration batteries are a perfect fit
to meet increasing demand for renewable energy, grid stability, and microgrid development.”
About VRB Energy
VRB Energy is a fast-growing, privately-held clean technology innovator. The company has developed the most reliable,
longest-lasting vanadium flow battery in the world, with more than 40 megawatt-hours installed and in construction worldwide,
and more than 800,000 hours of demonstrated performance. The combination of VRB Energy’s proprietary low-cost ion-
exchange membrane, long-life electrolyte formulation and innovative flow cell design sets it apart from other providers in the
energy storage system (“ESS”) field.
VRB Energy’s vanadium redox battery (VRB®) systems store energy in liquid electrolyte in a patented process based on the
reduction and oxidation of ionic forms of the element vanadium. This is a nearly infinitely repeatable process that is safe,
reliable, and non-toxic. Components can be nearly 100% recycled at end-of-life, dramatically improving lifecycle economics
and environmental benefits compared to lithium-ion and other battery types.
VRB Energy is majority-owned by Ivanhoe Electric (formerly High Powered Exploration), a North American, minerals
exploration and development company that also invests in minerals-dependent, high-growth emerging technologies. Ivanhoe
Electric is a subsidiary of I-Pulse, a global leader in developing innovative commercial applications for pulsed power
technologies that convert small amounts of electrical energy into limitless power to address a broad and growing suite of
applications across multiple industrial markets. I-Pulse is a private company with offices in Toulouse, London, Tokyo and
Vancouver. For more information on VRB Energy, Ivanhoe Electric and I-Pulse, please visit their websites at
www.vrbenergy.com, www.hpxploration.com, and www.ipulse-group.com.
Discussion
This announcement is a major milestone for VRB Energy. “Clearly the recognition of VRB Energy’s superior technology and
future capabilities in energy storage by a major player in the renewable energy project field is a significant endorsement and
development in its energy storage business”, stated Mr. Lee Barker, Company CEO. “With adequate funding to complete
Gen3 development, become vertically integrated regarding vanadium supply, and having a major financial partner requiring its
products VRB has made a breakthrough in its business development”.
“Sparton recognizes the efforts and thanks all VRB staff and management in this achievement. Going forward the transaction
will allow VRB to focus on the global use of renewable energy systems and the company is expected to be a key player in the
ESS business internationally”. “This transaction confirms the Company 9.8% stake in VRB Energy as a valuable core asset”,
stated Mr. Barker.
Information regarding the Company’s interest held in VRB Energy is as Follows:
Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB Energy
which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China, and is the
vanadium flow battery manufacturer. Full information regarding the history of the VRB Energy investment interest held by
Sparton is in its various news releases and available at www.sedar.com in its corporate filings.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: [email protected] Website: www.spartonres.ca
Neither 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.
Forward Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-
looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such
forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date hereof and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the
expectations represented in such forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
We Seek Safe Harbour.