VanadiumCorp and Electrochem Technologies and Materials have signed a patent option agreement allowing Ultra Pure Systems to purchase an exclusive licence to their VanadiumCorp-Electrochem processing technology (VEPT). The new technology will be used in the world's first dedicated vanadium processing facility in Australia.
Ultra plans to integrate low cost battery grade vanadium electrolyte into from virtually any source. VEPT can be applied at a fraction of the time and capital requirements of conventional vanadium extraction processes. The technology also reduces the related emissions. Operating costs are offset by the production of by-products.
Ultra has been granted a six-month option to acquire the licence for Australia in return for a payment of $500,000. The licensing terms include minimum annual payments, financing fees, and royalty payments for all vanadium and by-products upon production.
This story first appeared on Canadian Mining Journal