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VanadiumCorp signs Letter of Intent with Ultra Power Systems Ltd.
VanadiumCorp signs Letter of Intent with Ultra Power Systems Ltd. Canada NewsWire ...
About this update from Vanadiumcorp Resource Inc
[{"type":"text","content":"\n\n\n\nVanadiumCorp signs Letter of Intent with Ultra Power Systems Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 2, 2018\n\n\n\nVANCOUVER, March 2, 2018 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: \"VRB\") (the \"Company\") has signed a letter of intent (LOI) with Ultra Power Systems Limited (\"Ultra\") of the United Kingdom to pursue the joint interest of commercializing and deploying Vanadium Redox Flow Batteries (VRFB) for microgrid applications.  \n\n\n \n \n\n \n\"We are proud to partner with Ultra Power Systems with the goal of enhancing the cost efficiencies of the core product and its marketability in order to facilitate rapid commercial adoption of vanadium batteries worldwide,\" said Adriaan Bakker, CEO of VanadiumCorp. \"Both companies are evaluating joint opportunities globally to integrate strategic supply, new processes, leasing options and manufacturing opportunities.\"\n\nThe global microgrid market is set to surpass US$19 billion by 2024, as reported in the latest study by Global Market Insights, Inc., which includes remote mines and off grid communities. The global energy storage market is expected to increase by 600% by 2030. Starting at less than 5 GWh in 2016, it will increase to more than 300 GWh, Bloomberg New Energy Finance predicts. In addition, an estimated $103 billion is to be invested in energy storage over that period. With the leading process technology, vanadium supply and leasing partner, VanadiumCorp and Ultra Power Systems aim to play a major role in this rapidly emerging market.\n\n\"The swift adoption of VRFB technology into the emerging global distributed power framework, which features a dominant renewable energy generation capacity, is dependent only upon a stable and dependable supply of vanadium and affordable financing. Certainly, the twenty year track record of the technology is unequivocally proven by multiple manufacturers and operators and presents no impediment to worldwide adoption. The alliance of VanadiumCorp with Ultra Power Systems is d...