{"id":18468,"date":"2020-03-17T06:30:08","date_gmt":"2020-03-17T13:30:08","guid":{"rendered":"https:\/\/www.vanadiumcorp.com\/?p=18468"},"modified":"2020-03-19T12:01:10","modified_gmt":"2020-03-19T19:01:10","slug":"vanadiumcorp-gmbh-completes-first-battery-order-contract-and-memorandum-of-understanding-with-ecosource-n-v","status":"publish","type":"post","link":"https:\/\/www.vanadiumcorp.com\/releases\/vanadiumcorp-gmbh-completes-first-battery-order-contract-and-memorandum-of-understanding-with-ecosource-n-v\/","title":{"rendered":"VanadiumCorp GmbH Completes First Battery Order, Contract and Memorandum of Understanding with Ecosource NV"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text]\"\" TSX-V: \u201cVRB\u201d<\/b><\/p>\n

Download PDF…<\/a><\/p>\n

VANCOUVER, BRITISH COLUMBIA<\/strong>, <\/strong>March 17, 2020<\/strong> – VanadiumCorp Resource Inc. (TSX-V: \u201cVRB\u201d) (the \u201cCompany\u201d) is pleased to announce that it\u2019s wholly owned subsidiary in Germany, VanadiumCorp GmbH has signed an order and contract for a vanadium redox flow battery system (\u201cVRFB\u201d) and a Memorandum of Understanding (\u201cMOU\u201d) 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.<\/p>\n

VRFB Order and Contract<\/strong><\/p>\n

VanadiumCorp 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.<\/p>\n

Memorandum of Understanding <\/strong><\/p>\n

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:<\/p>\n

\u25aa A joint venture enabling megawatt to gigawatt manufacturing potential<\/p>\n

\u25aa 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.<\/p>\n

\u25aa Funding the CAPEX for commercial VRFB production<\/p>\n

\u25aa Integration of renewable energy technologies<\/p>\n

\u25aa Stationary and mobile energy storage applications<\/p>\n

\u25aa 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.<\/p>\n

\"\"<\/strong><\/p>\n

On behalf of the board of VanadiumCorp GmbH:<\/strong><\/p>\n

Adriaan Bakker<\/em>
\nChief Executive Officer<\/p>\n

EcoSource NV<\/strong> is a Cordeel Group company focused on development of green energy projects.<\/p>\n

VanadiumCorp Resource Inc.<\/strong>\u00a0is 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\u00ae brand, a wholly owned vanadium resource base in Quebec, Canada and jointly owned process technology that recovers vanadium sustainably and efficiently.<\/p>\n

Further information will be available at www.vanadiumcorp.com<\/a> and www.xrg.com<\/a> in coming weeks.<\/p>\n

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.<\/em><\/p>\n

\u00a0<\/em><\/strong>Cautionary & Forward-Looking Statements<\/strong><\/em><\/h6>\n
\u00a0This release contains forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to the anticipated use of Private Placement proceeds and anticipated receipt of final TSX Venture Exchange acceptance for the Private Placement.\u00a0 Forward-looking statements include words or expressions such as \u201cwill\u201d, \u201csubject to\u201d, \u201cexpect\u201d and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets and risks that may impact the Company\u2019s business, operations and financial condition. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct.\u00a0 Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information on these and other factors that could affect the Company\u2019s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.<\/em><\/h6>\n[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

VanadiumCorp is pleased to announce that it\u2019s wholly owned subsidiary in Germany, VanadiumCorp GmbH has signed an order and contract for a vanadium redox flow battery system (\u201cVRFB\u201d) and a…<\/p>","protected":false},"author":1,"featured_media":18470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[65],"tags":[],"post_series":[],"acf":[],"taxonomy_info":{"category":[{"value":65,"label":"VanadiumCorp Announcements"}]},"featured_image_src_large":["https:\/\/www.vanadiumcorp.com\/wp-content\/uploads\/2020\/03\/iStock-970832964-edit2-750x318.jpg",750,318,true],"author_info":{"display_name":"VanadiumCorp","author_link":"https:\/\/www.vanadiumcorp.com\/author\/administrator\/"},"comment_info":0,"category_info":[{"term_id":65,"name":"VanadiumCorp Announcements","slug":"releases","term_group":0,"term_taxonomy_id":65,"taxonomy":"category","description":"Featured News Releases and Breaking VanadiumCorp News","parent":0,"count":180,"filter":"raw","cat_ID":65,"category_count":180,"category_description":"Featured News Releases and Breaking VanadiumCorp News","cat_name":"VanadiumCorp Announcements","category_nicename":"releases","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/posts\/18468"}],"collection":[{"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/comments?post=18468"}],"version-history":[{"count":16,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/posts\/18468\/revisions"}],"predecessor-version":[{"id":18506,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/posts\/18468\/revisions\/18506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/media\/18470"}],"wp:attachment":[{"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/media?parent=18468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/categories?post=18468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/tags?post=18468"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.vanadiumcorp.com\/wp-json\/wp\/v2\/post_series?post=18468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}