VanadiumCorp Resource Inc. [VRB-TSXV; APAFF-OTCBB; NWN-FSE] has signed a memorandum of understanding for a trilateral partnership with Conoship International Projects BV from the Netherlands and Vega Reederei and Partners GmbH from Germany.
Key engineering work is planned to commercially develop next-generation vanadium redox flow-battery technology and high-energy-density electrolyte technologies for marine propulsion applications.
The MOU executed December 23, 2020, outlines a trilateral partnership to be incorporated as a Special Purpose Vehicle Company. The SPV combines the well-established shipping industry expertise of CONOSHIP and VEGA with technical innovations from VanadiumCorp.
The SPV will develop a next-generation redox flow-battery stack based on a breakthrough high-energy-density vanadium electrolyte that is specifically formulated for marine propulsion applications. VanadiumCorp will contribute new flow-battery designs, a high-energy-density electrolyte formulation, manage research and development, and provide its network of manufacturing partners.
CONOSHIP will contribute marine engineering designs to integrate the more compact redox flow-battery into the propulsion systems of marine vessels and ships. VEGA will arrange project financing, contribute fleet operations expertise, and conduct field testing of the marine battery prototype.
The SPV targets Zero-Emission shipping markets with next generation redox flow batteries. Key advancements in energy density form a strong business case and stem from VanadiumCorp’s research and development cooperation with CENELEST (The German-Australian Alliance for Electrochemical Technologies for the Storage of Renewable Energy) that combines the strengths of both the Fraunhofer ICT (Institute for Chemical Technology) and the University of New South Wales in redox flow battery systems.
“Greenhouse gas reduction is exceptionally challenging for the shipping industry. The industry’s 2050 climate goal of halving greenhouse gas emissions from 2008 levels can only be achieved with the accelerated construction of Zero-Emission Ships and novel solutions” said Adriaan Bakker, CEO of VanadiumCorp.
VanadiumCorp anticipates that the SPV project will commence shortly and definitive agreements reached within Q1, 2021. The role of VanadiumCorp is to develop the main components of the VRFB system that include a battery stack of appropriate power size and an optimized electrolyte formulation of favourable energy density. VanadiumCorp will enlist its skilled partners in electrolyte production, VRFB Battery manufacturing and R&D.
VanadiumCorp also owns one of the largest and metallurgically favourable vanadium mineral deposits in the world in Quebec.