Business
Sparton Resources Inc. Announces Opening Ceremony Held for VRB Energy’s Vanadium Flow Battery Energy Storage Project and Hubei China “Gigafactory”
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV: SRI) ("Sparton" or the "Company") reported today that construction of a world class 100
About this update from Sparton Resources Inc.
[{"type":"text","content":" TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV: SRI) (\"Sparton\" or the \"Company\") reported today that construction of a world class 100MW/500MWh Storage system by VRB Energy Inc. has officially started. The project, launched in Xiangyang, Hubei Province, China, is being implemented by Hubei Province and the State Power Investment Group as part of China’s national \"Carbon Neutral and Carbon Peak Strategy\". The total investment in the project is RMB 9.32 billion (CAD $1.814 billion). RMB 5 billion (CAD $973.3 Million) will be invested in the construction of the 1GW wind power and photovoltaic power generation projects, and 4.32 billion (CAD $841 Million) will be invested in the construction of the initial 100MWh all-vanadium redox flow battery energy storage power station along with500MW of distributed rooftop photovoltaic installations. The Company currently owns, through its subsidiary VanSpar Mining Inc., a 9.8% equity interest in VRB Energy, a leading manufacturer of vanadium flow batteries for large scale energy storage related to clean renewable electricity generation. (See Sparton News Release dated July 2, 2021). The official opening ceremony was held on August 29, 2021, in the Xiangyang New High-Tech Park, Hubei, China, for the 100MW/500MWh Vanadium Redox Flow Battery Energy Storage Power Station. This was commissioned by the Hubei Green-Move Zhongvan New Energy Co., Ltd. (“Green Move ZF”) In attendance were Senior Party and Government leaders from the Xiyang Municipality, representatives from the State Power Investment Group, Hubei Branch, shareholders of Green-Move ZF, and the executives from the key project partners VRB Energy and the China Number 11 Railway Construction Group. Green Move ZF, is jointly owned by the Hubei State Power Investment Corporation known as “Hubei Green-move New Energy Co. Ltd.) (70% share interest), Hubei Pingfan Ruifeng New Energy Co., Ltd. (20% share interest) and Wuhan Fudi Real Estate Development Co., Ltd. (10% share interest). The Power Station for the Project is located in the Automobile Industrial Park, of the Xiangyang High-tech Development Zone, and will occupy an area of about 8 hectares. The station is expected to be officially commissioned for operation before the end of 2022. Dr. Huang Mianyan, CEO of VRB Energy Inc. stated that, “The opening c...