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VanadiumCorp GmbH Completes First Battery Order, Contract and Memorandum of Understanding With Ecosource NV
VANCOUVER, March 17, 2020 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") is pleased to announce that it's wholly owned subsidiary in Germany,
About this update from Vanadiumcorp Resource Inc
[{"type":"text","content":" VANCOUVER, March 17, 2020 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: \"VRB\") (the \"Company\") is pleased to announce that it's wholly owned subsidiary in Germany, VanadiumCorp GmbH has signed an order and contract for a vanadium redox flow battery system (\"VRFB\") and a Memorandum of Understanding (\"MOU\") with Ecosource NV (\"Ecosource\") a Cordeel Group NV company. Both companies plan to jointly manufacture VRFBs and share a vision to develop integrated clean energy solutions. VRFB Order and ContractVanadiumCorp has recently contract manufactured and deployed a 12.5 kilowatt / 40 kilowatt hour VRFB system for delivery to Ecosource in Temse, Belgium. Commissioning and training will commence immediately upon delivery. The VRFB will be utilized for demonstration and field testing to assess utilizing VRFB systems for megawatt to gigawatt green energy applications. Memorandum of Understanding The MOU describes the developments and objectives that VanadiumCorp GmbH and Ecosource agree to explore together. Within the MOU, both parties undertake to (1) investigate the feasibility of VRFB manufacturing and (2) negotiate the terms and conditions of the following: A joint venture enabling megawatt to gigawatt manufacturing potential Round one investment into VanadiumCorp GmbH through the purchase of securities of VanadiumCorp Resource Inc, the price of which is determined at the time of signing, timed with success of the first VRFB commissioning. Funding the CAPEX for commercial VRFB production Integration of renewable energy technologies Stationary and mobile energy storage applications Development of intellectual property, know-how, partnerships and mineral resources owned by VanadiumCorp as the leading position to mitigate the cost and carbon footprint of VanadiumCorp VRFB technology. On behalf of the board of VanadiumCorp GmbH: Adriaan Bakker Chief Executive Officer EcoSource NV is a Cordeel Group company focused on development of green energy projects. VanadiumCorp Resource Inc. is developing an integrated supply chain enabling scalable, safe, sustainable, low cost, long duration energy storage solutions for the clean energy future. VanadiumCorp is developing vanadium redox flow battery technology under its XRG® brand, a wholly owned vanadium...