VANCOUVER, May 25, 2016 /CNW/ - VanadiumCorp Resource Inc. (TSX "VRB") (the "Company") is pleased to announce the execution of a non-binding Memorandum of Understanding ("MOU") with SCHMID Energy Systems GmbH ("SCHMID") and a partnership agreement with the Vanadium Electrolyte Process Partnership ('VEPP") to collaborate and explore joint business opportunities in the areas of:
1.) The development of vanadium electrolyte (VE) and other specialty high purity vanadium materials by direct process from VanadiumCorp's mineral claims located in the mining center of Chibougamau, Quebec
2.) Commercialization of efficient and environmentally friendly mineral extraction and processing technologies for vanadium electrolyte
3.) Marketing of VRB technologies to the large-scale grid-energy storage market
4.) Pursue reasonable efforts to enter into a definitive agreement within 12 months from the effective date of signing for the MOU
The Company's CEO Adriaan Bakker commented, "We are delighted with the opportunity of working with SCHMID regarding the development of battery electrolyte opportunities for vanadium on our Quebec mineral claims in tandem with process technologies for high purity vanadium extraction."
Dr. Olaf Conrad, Director Technology of SCHMID Energy Systems GmbH, said, "The long-term security of supply of VE at predictable cost is of utmost strategic importance for our goal to become the leading global supplier of large-scale grid-energy storage systems. We are excited to work with VanadiumCorp on the development of a primary VE supply by a direct process from vanadium containing mineral."
About SCHMID Energy Systems GmbH:
SCHMID Energy Systems develops and distributes stationary energy storage solutions based on the powerful Vanadium Redox Flow Technology. The product range includes compact storage solutions for use in private homes, battery containers for trade and industry, off-grid solutions for telecommunication and undeveloped areas as well as large storage parks.
On the occasion of the Intersolar Europe show which will be held in Munich from June 22nd to 24th, 2016 the SCHMID Energy Systems GmbH will present its storage solutions and their wide range of applications at stand 160 in hall A2.
For more information please visit: www.schmid-energy-systems.com
About VanadiumCorp: VanadiumCorp intends to become the only primary vanadium electrolyte and high purity vanadium supplier in the world. The VRB market is anticipated to grow significantly with the actualization of stable supply and secure price of VE. Unlike lithium batteries, VRB technology is influenced 14X more by the cost of its electrolyte and is without primary supply globally. The VRB market is largely driven by renewable energy storage and the emerging need for grid scale energy. The objective of building a fully integrated supply and technology solution could offer significant advantages in this new market. The Company's Lac Dore Vanadium Project is strategically located within the fastest growing vanadium market in the world.
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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For further information: Adriaan Bakker, President and Chief Executive Officer - Direct: 604-385-4485