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NextSource Materials Awards Contract to Power Its Molo Graphite Mine in Madagascar with Hybridized Solar-Thermal Energy
TORONTO, ON / ACCESSWIRE / November 23, 2021 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NS...
About this update from Nextsource Materials Inc
[{"type":"text","content":"NextSource Materials Awards Contract to Power Its Molo Graphite Mine in Madagascar with Hybridized Solar-Thermal EnergyTORONTO, ON / ACCESSWIRE / November 23, 2021 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (\"NextSource\" or the \"Company\") announces it has awarded a power supply contract to independent power producer CrossBoundary Energy (\"CBE\") for the long-term supply of solar and thermal generation to power the operations of its Molo graphite mine in Madagascar. The contract is for a 20-year term and has been designed to scale with the production output of the Molo mine, where delivery of power will increase in lockstep with all future expansion capacity requirements.A subsidiary of CBE in Madagascar is developing the project and will build, own, and operate the Molo hybrid energy power plant (\"hybrid plant\") at no capital cost to NextSource. It will be located adjacent to the Molo mine site and is expected to be operational at the same time as the Molo mine is expected to commission in Q2 of 2022. Through this contract, NextSource will initially be able to source up to one third of the Molo mine's total electricity needs from renewable solar energy. NextSource and CBE are committed to optimizing the solar component throughout the contract to increase the percentage of renewable energy to a majority.The renewable energy services provided by CBE will be supplied exclusively to NextSource and provide guaranteed energy cost savings. This rate will lower expected energy costs on a per kWh basis versus the expected cost per kWh rate based on thermal power alone, as modeled in the Company's 2019 Molo Feasibility Study.The hybrid plant will contribute significantly towards NextSource's adherence to its environmental, social, and governance principles. It will also achieve the Company's broader initiative to reduce its environmental footprint through the deployment of renewable energy infrastructure to reduce emissions and work toward its goal of a carbon neutral energy system.\"We are pleased to select CrossBoundary Energy to supply hybrid power for our Molo graphite mine, which delivers on our commitment to reduce emissions and move towards more sustainable operations,\" said NextSource President & CEO Craig Scherba. \"Deployment of clean, renewable and sustainable power sources to reduce emissions is a cornerst...