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VanadiumCorp Resource Inc. Announces Memorandum of Understanding With Delectrik Systems Private Limited
VANCOUVER, Feb. 4, 2020 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") is pleased to announce it has signed a Memorandum of Understanding ("M
About this update from Vanadiumcorp Resource Inc
[{"type":"text","content":" VANCOUVER, Feb. 4, 2020 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: \"VRB\") (the \"Company\") is pleased to announce it has signed a Memorandum of Understanding (\"MOU\") with Delectrik Systems Private Limited (\"Delectrik\"). VanadiumCorp and Delectrik share a vision to develop integrated energy storage solutions through the development of vanadium redox flow battery (\"VRFB\") technologies. The MOU allows the companies to collaborate on a number of key strategic initiatives including: VRFB high power stack and electrolyte development Development of intellectual property Production of VRFB systems with integrated technology Production of VRFB systems for evaluation by third parties Engineering, commissioning and logistics framework relating to the production of VRFB Systems Assess and model manufacturing of VRFB integrated solutions Assess all cost reduction possibilities and requirements for scaled manufacturing Potential commercialization of high power stack and electrolyte Application modeling for many different use cases Assess collaboration, partnership or joint venture possibilities Upon a successful VRFB demonstration, VanadiumCorp and Delectrik will enter into a definitive agreement which may include manufacturing rights and other considerations supporting scaling commercial production. VanadiumCorp and Delectrik both recognize the importance of strategic vanadium supply, cost effective vanadium electrolyte and VRFB architecture in the development of XRG® technology. Both parties may endeavor to establish supply pathways including VanadiumCorp Electrochem process technology and wholly owned mineral resources. The parties agree to explore unique and alternative business relationships which may further the party's objectives. Delectrik Systems Private Limited is an established vanadium redox flow battery producer based in Gurgaon, India. Delectrik's products are based on patented stack and system design using a proven and mature vanadium redox flow battery chemistry. Delectrik systems are designed to offer a highly scalable and flexible Energy Storage solution based on customer needs and consist of standard VRFB building blocks of 40 kWh and 200 kWh capacity. These systems can be customized and connected together to build capacities ranging from 20 kilowatt hours to several megawatt hours. With expertise in manufac...