Ultra Power Systems Pty Ltd Executes Second Payment According to the Patent Option Agreement for the Vanadiumcorp-Electrochem Processing Technology in Australia
Ultra plans to utilize the Australian license of VanadiumCorp-Electrochem Processing Technology (“VEPT”) to expedite construction of the world’s first dedicated vanadium processing facility. Ultra’s core objective is to directly integrate low cost battery grade vanadium electrolyte into vanadium redox batteries from virtually any source in a fraction of the time and capital requirements of current vanadium extraction processes. The VEPT dramatically reduces emissions associated with vanadium extraction as well as substantially offsetting the operating cost of the vanadium precursors used to manufacture electrolyte through the production of valuable by-products.
The resultant vanadium electrolyte therefore has a lower carbon footprint as well. Additionally, the electrolyte offers an exceedingly long usage life (effectively perpetual reuse), which provides an excellent basis for long-term leasing of this unique non-depreciating product.
Key aspects of the signed POA signed May 23, 2018 include the following terms with all financial considerations split evenly between VRB and Electrochem:
USD $500,000 USD total payment completes exercise of the Option.
Non-reimbursable down payment received upon signing the Patent Option Agreement.
Option to acquire the exclusive license of VEPT for the jurisdiction of Australia Territory.
Definitive license terms exercisable in the POA includes a minimum annual payment, financing fees and a gross royalty due upon production, applicable to all vanadium products, ferrous sulfate heptahydrate (copperas), titanium products and other by-products for a project duration of 25 years.
Adriaan Bakker , CEO of VanadiumCorp states, “Ultra Power will soon have the unique and exclusive license to produce vanadium sustainably and efficiently. VanadiumCorp continues to benefit with non-dilutive cash flow and a realistic pathway to commercialize vanadium batteries as the superior and sustainable solution over competitive technologies.”
Ultra Power Systems Pty Ltd. is an Australian privately owned and financed company planning to build a vanadium electrolyte production facility with VEPT in Australia to process abundant vanadium-bearing resources and feedstocks for vertical integration into leasing vanadium batteries to mines and remote communities, primarily in Canada and Australia . Ultra also intends to utilize its electrolyte rights to participate in large scale renewable projects and to engage sub-licensees in strategic areas of the globe. UPS was formed for the purpose of offering next generation power and storage system solutions to capital conscious clients. The company intends to provide brand and generation agnostic solutions according to a customer’s needs, but with the core provision of a third-generation VRFB, which represents a transformational catalyst to enable the vision of blended power supply inputs on micro- and mega-grids.
VanadiumCorp Resource Inc. is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium based energy storage and emerging technologies that utilize vanadium. VanadiumCorp is focused on commercializing the most efficient and sustainable recovery method to produce vanadium with jointly developed process technology. VanadiumCorp also holds a significant vanadium-titanium-iron bearing resource base in mining friendly Quebec, Canada including the 100% owned Lac Dore Project adjacent to Blackrock Metals Inc. and the 100% owned Iron-T Project near the Glencore Matagami (Zinc-Copper) Mine.
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