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American Vanadium Enters into a Letter of Intent to Acquire the Complete CellCube(TM) Vanadium Flow Battery Business From DMG MORI
VANCOUVER, BC / ACCESSWIRE / January 11, 2016 / American Vanadium Corp. (TSXV: AVC) (OTC Pin...
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[{"type":"text","content":"American Vanadium Enters into a Letter of Intent to Acquire the Complete CellCube(TM) Vanadium Flow Battery Business From DMG MORIVANCOUVER, BC / ACCESSWIRE / January 11, 2016 / American Vanadium Corp. (TSXV: AVC) (OTC Pink: AVCVF) (\"American Vanadium\") today announced that it has entered into a Letter of Intent (\"LOI\") with DMG MORI to acquire DMG MORI's wholly owned subsidiary, GILDEMEISTER energy storage GmbH (\"GES\"), manufacturer of the CellCube vanadium flow energy storage system. The LOI provides American Vanadium with the exclusive right to enter into a share purchase agreement (\"SPA\") on or before February 29, 2016.\n\"With 15 years since R&D began, seven years since the commercial launch of its first system and now having installed more than 100 units, the CellCube has successfully been established as the world's most commercially advanced flow battery. With our plan to provide a CellCube finance program, as well as invest in scaling manufacturing and further reduce CellCube production cost, we look forward to building the business into a global energy storage leader,\" stated Bill Radvak, President & CEO of American Vanadium. \"Our vertical integration strategy of combining the \"best in class\" CellCube system and American Vanadium's future development of high purity vanadium electrolyte from the Gibellini Vanadium Deposit located in Nevada presents a unique opportunity to create a global leader at an opportune time.\"\nAn aging utility infrastructure combined with the dramatic growth of renewable energy are strong market drivers towards long duration storage where flow batteries are expected to dominate. Applications of four to twelve hours —such as integrating increasing amount of renewable energy into the grid, enabling microgrids and offgrid power supply solutions, demand charge reduction as well as utility scale grid balancing and transmission & distribution upgrade deferral - are where flow batteries provide the most cost-effective, reliable and safe solution.\nImportantly, the energy storage market is acknowledging that flow batteries are a better solution for large capacity, long duration energy storage than lithium ion and other batteries. This was recently supported by a comment from Bill Gates in his white paper entitled \"Energy Innovation\" which he presented at the recent Paris...