VanadiumCorp joins the Vanitec Energy Storage Committee (ESC) and Provides the Schematic Diagram of the Integrated Technologies
VANCOUVER, Nov. 30, 2017 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") is pleased to announce that it has joined the Energy Storage Committee (ESC) of Vanitec Limited ("Vanitec"). Vanitec brings together research organizations and manufacturers of products that contain vanadium with companies involved in the mining and processing of the metal. The use of vanadium in energy storage is growing rapidly. VanadiumCorp brings the advantage of strategic vanadium resources and provides a schematic diagram showing the potential industrial and environmental benefits of integrating vertically the jointly owned VanadiumCorp-Electrochem chemical technology with the electrowinning of metallic iron patented worldwide by Electrochem Technologies & Materials Inc. ("Electrochem").
"The ESC is the leading platform addressing industry challenges through research and collaboration and fostering use of vanadium in energy storage technologies that are more efficient and cost-effective than competing technologies. Renewable energy is intermittent and challenging for many types of batteries to store efficiently. Vanadium has the advantage of buffering and storing energy without generating heat," said Adriaan Bakker, President and CEO of VanadiumCorp. "VRFBs outlast lithium batteries many times over, and the main component (electrolyte) can be reused indefinitely. Lithium-ion batteries are ideal for small applications that require high power output for a few hours. When reliable power is needed for longer duration, VRFBs provide a superior alternative scalable to utility size applications."
Management of VanadiumCorp and Electrochem recently attended the 93rd Vanitec Energy Storage Committee (ESC) Meeting in London UK and met separately with global end users collaborating with VanadiumCorp.
In addition to battery manufacturers present at the 93rd ESC meeting, a number of vanadium producers and developers sent delegates to attend the ESC. A key area of discussion at the ESC meeting was leasing vanadium electrolyte, which highlighted vanadium as the largest cost component of the vanadium redox flow battery (VRFB) and how supply and demand shocks create significant volatility which could impact economic viability of VRFBs going forward. As vanadium electrolyte does not degrade, and the VRFB typically last longer than 20 years, a viable solution could be to lease the electrolyte to end users. ESC meeting presentations are all available on the Vanitec website at www.vanitec.org for further details.
Vanitec website states, "Vanadium's role in the growing energy storage is expected to increase dramatically over the coming years. Large scale deployments of vanadium redox flow batteries are underway across the globe, with many others being planned or under construction. Ensuring a strong supply of quality vanadium products will be key to the uptake of energy storage for large amounts of power over a long duration. This will supplement the traditional markets for vanadium as the requirements for high quality steel continue to increase. Vanitec is the only not-for-profit international global member organisation whose objective is to promote the use of vanadium bearing materials. Its members include all the world's major vanadium producers as well as vanadium users and those involved in vanadium energy storage. Traditionally used to strengthen steel, vanadium's use in energy storage has been growing over the past few years and is seen as the preferred choice when long-duration energy storage is required. Where lithium provides power, vanadium provides energy."
Preceding further energy storage related Company announcements; The Company provides in the meantime the schematic diagram of VanadiumCorp-Electrochem and Electrochem integrated technologies and pictures of produced materials from trial production reactors on the VanadiumCorp and Electrochem websites. VanadiumCorp Electrolyte (VE), iron products, vanadium compounds, titania and silica by-products are available for third party testing and qualification by end users and government organizations. Contact VanadiumCorp or Electrochem directly through www.vanadiumcorp.com or www.electrochem-technologies.com for more information.
ON BEHALF OF THE BOARD
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance 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. Investors 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. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM)
SOURCE VanadiumCorp Resource Inc.
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