Energy|Flow|Power|PROJECT|Solar|System|Systems|Technology|Turbines|Flow|Power Generation|Turbines
Energy|Flow|Power|PROJECT|Solar|System|Systems|Technology|Turbines|Flow|Power Generation|Turbines

Richmond to invest in downstream optionality

9th August 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Vanadium developer Richmond Vanadium Technology (RVT) has announced plans to invest up to A$5-million in Australian battery manufacturer Ultra Power Systems.

Under the terms of the investment, RVT will subscribe for 20-million shares in Ultra at a price of 25c each.

The transaction was subject to RVT’s own initial public offering and listing on the ASX, in which it hoped to raise between A$25-million and A$25-million, and the completion of due diligence on Ultra’s vanadium redox flow battery (VRFB) and its standalone power system (SPS).

“As RVT continues to advance its world class Richmond vanadium project in north Queensland, having a partner like Ultra who is already successfully developing VRFBs contributes to our aim of establishing a significant mine to metal to battery corridor right here in Australia,” said RVT MD Shaun Ren.

RVT has completed a prefeasibility study on its  1.8-billion tonne Richmond vanadium project, which demonstrated a technically viable and financially attractive development project. RVT is currently completing a bankable feasibility study and associated development approvals.

Ultra has developed its own vanadium redox flow battery (“VRFB”) system, the Ultra V40 battery module, and a Standalone Power Station which integrates solar and wind turbines into a mobile and scalable power generation system highly suitable for off-grid applications. Ultra’s battery is powered by its unique mixed-acid vanadium electrolyte, which provides a 70% higher energy density and a higher temperature capability compared with mainstream vanadium electrolytes.

Following completion of the binding term sheet, and subject to RVT and Ultra entering into a formal offtake agreement, Ultra will purchase vanadium pentoxide from RVT, subject to the availability and timeliness of delivery, quality and price.

This mutually beneficial agreement provides Ultra with funds to facilitate the development and production of its proprietary VRFBs and patented electrolyte, as well as potential future agreed supply of this critical mineral, while RVT has an Australian battery manufacturer partner and potential future offtake agreement.

Edited by Creamer Media Reporter



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