Memorandum of Understanding With Delectrik Systems Private Limited
Memorandum of Understanding With Delectrik
Systems Private Limited
VANCOUVER
,
Feb. 4, 2020
/CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the
"Company") is pleased to announce it has signed a Memorandum of Understanding ("MOU") with
Delectrik Systems Private Limited ("Delectrik"). VanadiumCorp and Delectrik share a vision to
develop integrated energy storage solutions through the development of vanadium redox flow battery
("VRFB") technologies.
Memorandum of Understanding With Delectrik Systems Private Limited (CNW Group/VanadiumCorp
Resource Inc.)
The MOU allows the companies to collaborate on a number of key strategic initiatives
including:
VRFB high power stack and electrolyte development
Development of intellectual property
Production of VRFB systems with integrated technology
Production of VRFB systems for evaluation by third parties
Engineering, commissioning and logistics framework relating to the production of VRFB
Systems
Assess and model manufacturing of VRFB integrated solutions
Assess all cost reduction possibilities and requirements for scaled manufacturing
Potential commercialization of high power stack and electrolyte
Application modeling for many different use cases
Assess collaboration, partnership or joint venture possibilities
Upon a successful VRFB demonstration, VanadiumCorp and Delectrik will enter into a definitive
agreement which may include manufacturing rights and other considerations supporting scaling
commercial production.
VanadiumCorp and Delectrik both recognize the importance of strategic vanadium supply, cost
effective vanadium electrolyte and VRFB architecture in the development of XRG® technology. Both
parties may endeavor to establish supply pathways including VanadiumCorp Electrochem process
technology and wholly owned mineral resources. The parties agree to explore unique and alternative
business relationships which may further the party's objectives.
Delectrik Systems Private Limited
is an established vanadium redox flow battery producer based
in Gurgaon,
India
. Delectrik's products are based on patented stack and system design using a
proven and mature vanadium redox flow battery chemistry. Delectrik systems are designed to offer
a highly scalable and flexible Energy Storage solution based on customer needs and consist of
standard VRFB building blocks of 40 kWh and 200 kWh capacity. These systems can be customized
and connected together to build capacities ranging from 20 kilowatt hours to several megawatt
hours. With expertise in manufacturing and deploying VRFBs spanning decades, Delectrik is
expanding its operations with strategic partners and is focused on providing sustainable and
affordable electricity to businesses and individuals via decentralized electric systems.
VanadiumCorp Resource Inc.
is developing a dedicated supply chain to power vanadium based
energy storage technology with the lowest cost and carbon footprint. The Company wholly owns
XRG® technology, a resource base in mining friendly
Quebec, Canada
and jointly owned process
technology that recovers vanadium sustainably and efficiently.
XRG®
is next generation energy storage technology powered by its own supply chain. XRG®
incorporates the strength of experienced companies and industry veterans to drive product
development. By integrating the leading improvements in VRFB architecture, components will be
manufactured sustainably and will also be 100% reusable & recyclable. With the lowest cost and
carbon footprint, XRG® intends to revolutionize energy projects, renewable energy and entire power
grids. The XRG® development facility is located in Rastatt,
Germany
. XRG® is a VanadiumCorp
GmbH technology. Further information will be available at
www.xrg.com
in coming weeks.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
Neither the 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.
SOURCE
VanadiumCorp Resource Inc.
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For further information:
Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc. (TSX-
V: "VRB"), By phone: 604-385-4489, By email: [email protected], Website:
www.vanadiumcorp.com
CO: VanadiumCorp Resource Inc.
CNW 16:00e 04-FEB-20