https://www.miningweekly.com
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
energy|flow-company|power|project|solar|system|systems|technology|turbines-company|flow-industry-term|power-generation|turbines-person

Richmond to invest in downstream optionality

9th August 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – 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

Comments

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 24 May 2024
Magazine round up | 24 May 2024
24th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.168 0.202s - 110pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: