VanadiumCorp Resource Inc (CVE:VRB) (OTCQB:APAFF) announced Wednesday that it has entered into a trilateral partnership to commercially develop next-generation vanadium redox flow-battery technology for marine vessels.
The vanadium company has inked a memorandum of understanding with Netherlands-based Conoship International Projects BV and Germany’s Vega Reederei and Partners GmbH to work on the batteries as well as high-energy-density electrolyte technologies for marine propulsion applications.
The agreement will be solidified and incorporated as a Special Purpose Vehicle company, according to a statement.
Vancouver-based VanadiumCorp will contribute its flow-battery designs, a high-energy-density electrolyte formulation, manage research and development, and provide its network of manufacturing partners.
Partners CONOSHIP will supply its marine engineering designs and VEGA will arrange project financing and testing of the marine battery prototype.
VanadiumCorp is an integrated green technology company with strategic vanadium mineral deposit assets in Quebec, focusing on commercializing disruptive technologies to process mineral concentrates, produce and recycle vanadium electrolytes sustainably, and construct next generation vanadium redox flow-battery (VRFB) systems. VRFB technologies improve renewable energy efficiencies by storing temporary energy surpluses and feeding them back into the electrical grid as required.
The next-generation battery technology can help decarbonize shipping routes and in-port ship movements. The design, along with the new high energy electrolyte, solves the challenge of high-energy-density not met by conventional VRFBs.
VanadiumCorp CEO Adriaan Bakker told investors that reducing greenhouse gases is “exceptionally challenging” in the shipping industry.
“The industry’s 2050 climate goal of halving greenhouse gas emissions from 2008 levels can only be achieved with the accelerated construction of Zero-Emission Ships and novel solutions,” Bakker said in a statement.
The company said that it anticipates the SPV will start in the first quarter of 2021 after signing definitive agreements.