Far Resources Successfully Advance First Battery Product to Prototype Fabrication
VANCOUVER, British Columbia, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) and its partners BattMat Technologies, Inc. and Electric Blue Power, LLC (EBP) are excited to announce commencement of fabrication and testing of the first prototype units of its VAB Controller© (Vehicle Automated Battery/Block Controller and Monitoring System), thus meeting a key milestone towards commercialization and revenue generation.
The VAB Controller© is being developed specifically to increase efficiency of batteries being used in extreme temperature conditions. The system incorporates temperature sensors and monitoring functions to independently detect battery and engine conditions and automatically report when they exceed normal operating parameters. The system includes autonomous monitoring of battery voltage and temperature, oil, engine block and coolant temperature, which it records along with the relevant time-stamped data and which is automatically uploaded to owners or fleet managers, thus alerting them to possible maintenance issues before they become problems in the field. When the vehicle is not being operated, the VAB Controller© uses the data to initiate, control and manage battery charging and warming as well as engine block and oil warming.
As announced on July 23, 2019, Far will finance the development of various technologies as provided by EBP and its CTO and founder, Lee Wheelbarger, the first of which is the VAB Controller©. The prototype design and fabrication is the result of extensive patent, product and market research funded by Far.
Toby Mayo, President of Far, commented: “Advancing the first product from concept to design and prototyping is an extremely encouraging step towards commercializing a product that can support the use of a broader range of batteries—including lithium batteries—especially in extreme environments, conserve electricity for battery charging and limit battery failures. The battery industry grows on a daily basis and FAR, in concert with our technology partners, is delighted to be participating in this rapidly expanding sector. This first product development appropriately addresses our desire to create products that increase battery efficiencies, extending their useful lives, decreasing the overall material needs, and represents another successful milestone as the company expands its technology business.”
The VAB Controller© has a universal interface which works with the vehicle’s data port and ancillary warming and charging equipment to provide ready-to-start capability, which is achieved by optimizing the battery state-of-charge, and automatically controlling temperature of the battery and engine block. The prototype design provides for simplified "plug and play" installation, ruggedized construction and long-lived operation.
The VAB Controller© is designed for use in over-the-road (long haul) vehicles, service vehicles, commercial vehicles and construction equipment, snow grooming and arctic exploration vehicles, as well as marine vessels and stationary installations exposed to very low temperatures. Vehicle operators in areas with long winters or year-round deep cold, such as the northern US States, Canada and other similar areas around the world, offer a readily accessible, global target market for the VAB Controller©. The system can also manage batteries exposed to extreme high temperatures, a market which will be expanded on after initial prototypes and testing.
EBP’s Wheelbarger explains: “Maintaining proper battery state of charge and temperature levels prevents battery damage and increases battery life, while autonomous on/off features conserve electricity and ensure vehicle readiness for use when needed. This system is designed to be the most advanced of its kind and will not only save its users time and money, but also increases the life expectancy of batteries while decreasing operating costs, resulting in quick recovery of purchase costs.”
For and on behalf of the Board
Toby Mayo
President and CEO
Qualified Person
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under National Instrument 43-101.
About Far
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with projects in Canada and the USA. More information is available at Far’s website: www.farresources.com.
About BattMat
BattMat Technologies Inc. is dedicated to capitalizing on the advancement of battery-focused technologies and applications, including systems for distributed power, marine power and energy storage. More information is available at BattMat’s website: www.battmat.com.
About Electric Blue Power
More information is available at Electric Blue’s website: www.electricbluepower.com.
Information Contact
L. Frank Anderson, Director
Far Resources Ltd.
+1 (604) 253-3444
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
