VanadiumCorp signs Letter of Intent with Ultra Power Systems Ltd.
VanadiumCorp signs Letter of Intent with Ultra Power Systems Ltd.
VANCOUVER, March 2, 2018 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company")
has signed a letter of intent (LOI) with Ultra Power Systems Limited ("Ultra") of the United Kingdom to
pursue the joint interest of commercializing and deploying Vanadium Redox Flow Batteries (VRFB) for
microgrid applications.
"We are proud to partner with Ultra Power Systems with the goal of enhancing the cost efficiencies of the
core product and its marketability in order to facilitate rapid commercial adoption of vanadium batteries
worldwide," said Adriaan Bakker, CEO of VanadiumCorp. "Both companies are evaluating joint
opportunities globally to integrate strategic supply, new processes, leasing options and manufacturing
opportunities."
The global microgrid market is set to surpass US$19 billion by 2024, as reported in the latest study by
Global Market Insights, Inc., which includes remote mines and off grid communities. The global energy
storage market is expected to increase by 600% by 2030. Starting at less than 5 GWh in 2016, it will
increase to more than 300 GWh, Bloomberg New Energy Finance predicts. In addition, an estimated
$103 billion is to be invested in energy storage over that period. With the leading process technology,
vanadium supply and leasing partner, VanadiumCorp and Ultra Power Systems aim to play a major role
in this rapidly emerging market.
"The swift adoption of VRFB technology into the emerging global distributed power framework, which
features a dominant renewable energy generation capacity, is dependent only upon a stable and
dependable supply of vanadium and affordable financing. Certainly, the twenty year track record of the
technology is unequivocally proven by multiple manufacturers and operators and presents no impediment
to worldwide adoption. The alliance of VanadiumCorp with Ultra Power Systems is designed to ensure a
clear path to global deployment of VRFBs of all scales through security of electrolyte supply and
technology appropriate financing" said Julian Dawson, CEO of Ultra Power Systems.
Ultra Power Systems is a UK privately owned and financed company leasing VRFBs to mines and
remote communities, primarily in Canada and Australia that has recently been the recipient of a strategic
investment by Lions Bay Capital Inc, which is led by mining entrepreneur John Byrne.
VanadiumCorp Resource Inc. The energy of tomorrow will be radically different than the past.
Innovation will prove essential to meeting the world's growing energy needs sustainably. Vanadium
electrolyte is the key to sustainable energy storage and the wide-spread deployment of renewable
energy. VanadiumCorp-Electrochem Process Technology is the world's first environmentally sustainable,
high-yield, high-efficiency process for recovering vanadium from virtually any vanadium-bearing source,
including waste -- the key to energy storage, renewables and a sustainable energy future. VanadiumCorp
also holds a significant vanadium-titanium-iron bearing resource base in mining friendly Quebec, Canada.
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: Contact VanadiumCorp: Adriaan Bakker, President and Chief Executive
Officer, By phone: 604-385-4489, By email: [email protected], Website:
www.vanadiumcorp.com; Contact Ultra Power Systems: Julian Dawson, Chief Executive Officer,
Headquartered in the United Kingdom with sales and technical associates available globally: In the
United Kingdom: +44 207 993 8171, In Australia: +618 7100 1717, In Canada: +1 604 484 6009, By
email: [email protected], Website: www.ultrapowersystems.net
CO: VanadiumCorp Resource Inc.
CNW 09:30e 02-MAR-18