Ultra Power Systems Pty Ltd Executes Second Payment According to the Patent Option Agreement for the Vanadiumcorp-Electrochem Processing Technology in Australia
Ultra Power Systems Pty Ltd Executes Second
Payment According to the Patent Option
Agreement for the Vanadiumcorp-Electrochem
Processing Technology in Australia
VANCOUVER
,
May 23, 2019
/CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the
"Company") and Electrochem Technologies & Materials Inc. ("Electrochem") have both received the
second scheduled payment from Ultra Power Systems Pty Ltd ("Ultra") as specified in the Patent
Option Agreement ("POA" ,"Option") to purchase an exclusive license for the jurisdiction of
Australia
signed by all parties
November 23, 2018
. Within the next 30 days, Ultra Power Systems Pty Ltd
("Ultra") will make the last payment enabling the right to finalize the terms of license within the next
six months.
Ultra plans to utilize the Australian license of VanadiumCorp-Electrochem Processing Technology
("VEPT") to expedite construction of the world's first dedicated vanadium processing facility. Ultra's
core objective is to directly integrate low cost battery grade vanadium electrolyte into vanadium
redox batteries from virtually any source in a fraction of the time and capital requirements of current
vanadium extraction processes. The VEPT dramatically reduces emissions associated with
vanadium extraction as well as substantially offsetting the operating cost of the vanadium precursors
used to manufacture electrolyte through the production of valuable by-products.
The resultant vanadium electrolyte therefore has a lower carbon footprint as well. Additionally, the
electrolyte offers an exceedingly long usage life (effectively perpetual reuse), which provides an
excellent basis for long-term leasing of this unique non-depreciating product.
Key aspects of the signed POA signed
May 23, 2018
include the following terms with all
financial considerations split evenly between VRB and Electrochem:
USD
$500,000 USD
total payment completes exercise of the Option.
Non-reimbursable down payment received upon signing the Patent Option Agreement.
Option to acquire the exclusive license of VEPT for the jurisdiction of Australia Territory.
Definitive license terms exercisable in the POA includes a minimum annual payment, financing
fees and a gross royalty due upon production, applicable to all vanadium products, ferrous
sulfate heptahydrate (copperas), titanium products and other by-products for a project duration
of 25 years.
Adriaan Bakker
, CEO of VanadiumCorp states, "Ultra Power will soon have the unique and exclusive
license to produce vanadium sustainably and efficiently. VanadiumCorp continues to benefit with
non-dilutive cash flow and a realistic pathway to commercialize vanadium batteries as the superior
and sustainable solution over competitive technologies."
Ultra Power Systems Pty Ltd.
is an Australian privately owned and financed company planning to
build a vanadium electrolyte production facility with VEPT in
Australia
to process abundant vanadium-
bearing resources and feedstocks for vertical integration into leasing vanadium batteries to mines
and remote communities, primarily in
Canada
and
Australia
. Ultra also intends to utilize its electrolyte
rights to participate in large scale renewable projects and to engage sub-licensees in strategic areas
of the globe. UPS was formed for the purpose of offering next generation power and storage
system solutions to capital conscious clients. The company intends to provide brand and generation
agnostic solutions according to a customer's needs, but with the core provision of a third-generation
VRFB, which represents a transformational catalyst to enable the vision of blended power supply
inputs on micro- and mega-grids.
VanadiumCorp Resource Inc.
is an integrated technology and mining company focused on
developing the exclusive supply chain for vanadium based energy storage and emerging technologies
that utilize vanadium. VanadiumCorp is focused on commercializing the most efficient and sustainable
recovery method to produce vanadium with jointly developed process technology. VanadiumCorp
also holds a significant vanadium-titanium-iron bearing resource base in mining friendly
Quebec,
Canada
including the 100% owned Lac Dore Project adjacent to Blackrock Metals Inc. and the
100% owned Iron-T Project near the Glencore Matagami (Zinc-Copper) Mine.
Electrochem Technologies & Materials Inc.
(
www.electrochem-technologies.com
) is a private
Canadian Corporation that currently owns twenty-four patents worldwide on proprietary chemical,
metallurgical and electrochemical technologies that are innovative, and sustainable. Commercially,
the company manufactures industrial electrodes, recycles rare earths, produces tantalum, tungsten
chemicals and vanadium electrolyte at its production facilities in
Boucherville, QC
.
VEPT:
The jointly owned "VanadiumCorp-Electrochem" Process Technology ("VEPT") describes a
novel chemical process invented by Dr.
Francois Cardarelli
that addresses the recovery of
vanadium, iron, titanium, and silica feedstocks such as vanadiferous titano-magnetite, iron ores and
concentrates such as magnetite and hematite, vanadium containing wastes such as BOF-slags,
calcine and other industrial by-products also containing vanadium. Building a conventional primary
vanadium mine can take typically take 5-10 years with a large capital requirement and involve
significant technical risks, a large carbon footprint. For the small number of surviving producers,
vanadium is generally recovered at 1% from VTM concentrate as a single commodity that requires
costly purification and is cost and trade prohibitive to import from
China
,
South Africa
and
Brazil
. For
convenient access to the International PCT Patent Publication the PCT is available for direct
download using the following link.
https://goo.gl/N8pPfU
Vanadium Redox Flow Batteries (VRFB, VRB)
are containerized, long duration, non-flammable,
compact, reusable over infinite cycles and last more than 20 years. Most batteries use two
chemicals that change valence (or charge or redox state) and cross contaminate and thus degrade
over time. VRBs utilize multiple valence states of vanadium as a single element to store and release
charge. VRBs consists of two tanks of vanadium electrolyte that flow adjacent to each other past a
membrane and generate a charge by moving electrons back and forth during charging and
discharging. This battery offers unlimited energy capacity simply by using larger electrolyte storage
tanks. It can be left completely charged for long periods without losing power and maintenance is
much simpler than other batteries. The unique advantage to separate power and energy also
provides significant advantages over competing technologies. With sustainably produced
VanadiumCorp Electrolyte
TM
, the carbon footprint of the VRB is remarkably low.
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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%SEDAR: 00005245E
For further information:
Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc., (TSX-
V: "VRB"), By phone: 1-604-385-4489, By email: [email protected], Website:
www.vanadiumcorp.com; Brad Appleyard, Managing Director, Ultra Power Systems PTY, By email:
[email protected], By phone: +618 6141 3395; Francois Cardarelli, President &
Owner, Electrochem Technologies & Materials Inc., Website: www.electrochem-technologies.com
CO: VanadiumCorp Resource Inc.
CNW 16:46e 23-MAY-19