VANCOUVER, June 23, 2016 /CNW/ - VanadiumCorp Resource Inc. (TSX "VRB") (the "Company") is pleased to announce the signing of a non-binding Letter of Intent ("LOI") with Energy, Science & Technology Corp. ("EnSciTech") to collaborate and explore the business opportunity of near term, low cost production of Vanadium Electrolyte. The LOI outlines the following terms:
Near term production development (pilot scale)
Supply agreement for VE
Marketing of VRB technologies to the large-scale grid-energy storage market
Pursue reasonable efforts to enter into a definitive agreement within 12 months from the effective date of signing the LOI
The Company's CEO Adriaan Bakker commented, "We are delighted with the opportunity of working with EnSciTech in full support of their objective of establishing a near term, low cost production opportunity for vanadium battery electrolyte."
EnSciTech, founder & president Kourosh Khajé commented, "Establishing local vanadium electrolyte supply solutions for Canada is the common goal for both companies. Stable supply and secure price of VE is the key for VRB energy storage to meet the North American renewable energy target."
Energy, Science & Technology Corp (EnSciTech), is the Canadian based technology developer targeting near term, low cost battery materials production from a secondary vanadium source. Exclusive Alberta heavy oil production waste ash contains battery materials such as vanadium that represent clean energy solutions. Enscitech technology can supply a range of quality vanadium electrolyte, extracted and produced at lower cost. EnSciTech presents a unique opportunity in integrating secondary source to the VE market in Canada and the US to meet energy storage and renewable energy targets.
VanadiumCorp intends to become the complete supply solution for high purity vanadium products and leading battery material supplier to the VRB market through development of North America's most significant vanadium resources. Very few vanadium resources globally are capable of producing VE economically. The Company's flagship project, The Lac Dore Vanadium Project hosts high purity NI 43-101 vanadium resources. A preliminary economic assessment on Lac Dore is currently pending. To date, there is no primary VE production in the world.
Vanadium Redox Battery "VRB" The VRB is the leading energy storage technology for renewable energy. VE is the most critical cost component of the VRB and the supply sources are unstable. The inception of stable supply would allow the VRB market to grow significantly. 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.
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