VanadiumCorp GmbH Completes First Battery Order, Contract and Memorandum of Understanding With Ecosource NV
VanadiumCorp GmbH Completes First Battery
Order, Contract and Memorandum of
Understanding With Ecosource NV
VANCOUVER
,
March 17, 2020
/CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the
"Company") is pleased to announce that it's wholly owned subsidiary in
Germany
, VanadiumCorp
GmbH has signed an order and contract for a vanadium redox flow battery system ("VRFB") and a
Memorandum of Understanding ("MOU") with Ecosource NV ("Ecosource") a Cordeel Group NV
company. Both companies plan to jointly manufacture VRFBs and share a vision to develop
integrated clean energy solutions.
VRFB Order and Contract
VanadiumCorp has recently contract manufactured and deployed a 12.5 kilowatt / 40 kilowatt hour
VRFB system for delivery to Ecosource in Temse,
Belgium
. Commissioning and training will
commence immediately upon delivery. The VRFB will be utilized for demonstration and field testing
to assess utilizing VRFB systems for megawatt to gigawatt green energy applications.
Memorandum of Understanding
The MOU describes the developments and objectives that VanadiumCorp GmbH and Ecosource
agree to explore together. Within the MOU, both parties undertake to (1) investigate the feasibility of
VRFB manufacturing and (2) negotiate the terms and conditions of the following:
A joint venture enabling megawatt to gigawatt manufacturing potential
Round one investment into VanadiumCorp GmbH through the purchase of securities of
VanadiumCorp Resource Inc, the price of which is determined at the time of signing, timed with
success of the first VRFB commissioning.
Funding the CAPEX for commercial VRFB production
Integration of renewable energy technologies
Stationary and mobile energy storage applications
Development of intellectual property, know-how, partnerships and mineral resources owned by
VanadiumCorp as the leading position to mitigate the cost and carbon footprint of
VanadiumCorp VRFB technology.
On behalf of the board of VanadiumCorp GmbH:
Adriaan Bakker
Chief Executive Officer
EcoSource NV
is a Cordeel Group company focused on development of green energy projects.
VanadiumCorp Resource Inc.
is developing an integrated supply chain enabling scalable, safe,
sustainable, low cost, long duration energy storage solutions for the clean energy future.
VanadiumCorp is developing vanadium redox flow battery technology under its XRG® brand, a
wholly owned vanadium resource base in
Quebec, Canada
and jointly owned process technology
that recovers vanadium sustainably and efficiently.
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.
Cautionary & Forward-Looking Statements
This release contains forward-looking statements. All statements other than statements of present
or historical fact are forward-looking statements, including statements with respect to the
anticipated use of Private Placement proceeds and anticipated receipt of final TSX Venture
Exchange acceptance for the Private Placement. Forward-looking statements include words or
expressions such as "will", "subject to", "expect" and other similar words or expressions. Factors
that could cause future results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include general business, economic, competitive,
political and social uncertainties; the state of capital markets and risks that may impact the
Company's business, operations and financial condition. Although the Company believes that the
expectations reflected in these forward-looking statements are reasonable, undue reliance should
not be placed on them because the Company can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Additional information on these and other
factors that could affect the Company's operations and financial results are included in reports on
file with Canadian securities regulatory authorities and may be accessed through the SEDAR
website (
www.sedar.com
). We disclaim any obligation to update or revise these forward-looking
statements, except as required by applicable law.
SOURCE
VanadiumCorp Resource Inc.
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For further information:
Further information will be available at www.vanadiumcorp.com and
www.xrg.com in coming weeks
CO: VanadiumCorp Resource Inc.
CNW 09:30e 17-MAR-20