Integrated green technology company VanadiumCorp Resource has entered into a memorandum of understanding (MoU) for a trilateral partnership with Conoship International Projects from the Netherlands and Vega Reederei and Partners from Germany.
Key engineering work is planned to commercially develop next-generation vanadium redox flow-battery (RFB) technology and high-energy-density electrolyte technologies for marine propulsion applications.
The MoU outlines a trilateral partnership to be incorporated as a special purpose vehicle (SPV). The SPV combines the shipping industry expertise of Conoship and Vega with technical innovations from VanadiumCorp.
The SPV will develop a next-generation RFB stack based on a breakthrough high-energy-density vanadium electrolyte that is specifically formulated for marine propulsion applications.
VanadiumCorp will contribute new flow-battery designs, a high-energy-density electrolyte formulation, manage research and development and provide access to its network of manufacturing partners.
Conoship will contribute marine engineering designs to integrate the more compact redox flow battery into the propulsion systems of marine vessels and ships.
Vega will arrange project financing, contribute fleet operations expertise and conduct field testing of the marine battery prototype.
The SPV targets zero-emission shipping markets with next-generation RFBs.
"Greenhouse-gas reduction is exceptionally challenging for 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," says VanadiumCorp CEO Adriaan Bakker.
VanadiumCorp anticipates that the SPV project will begin shortly and that definitive agreements will be concluded within the first quarter of this year.