Vanadium proponent plugs into battery tech firm

Richmond Vanadium Technology (RVT) is investing up to $5 million into vanadium redox flow battery technology company Ultra Power Systems. RVT is developing the 1.8 billion-tonne Richmond vanadium project in North-West Queensland and has completed a pre-feasibility study demonstrating a technically viable and financially attractive development there. 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 generation system suitable for off-grid applications. The deal will give RVT the right to supply all vanadium offtake to Ultra Power Systems, subject to cost, quality and timing. RVT describes the agreement as cementing an initial strategic partnership between two companies in a related industry, demonstrating conversion of raw material to finished product in the form of Ultra’s battery modules “As Richmond Vanadium 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,” RVT managing director Shaun Ren said. Related: IPO planned for Richmond vanadium project Ultra is described as Australia’s first VRFB manufacturer. Its initial markets in Australia and overseas include off-grid applications within the mining sector (such as bore pumps, exploration camps, mining villages and ultimately full mine electrification), remote communities, community batteries, residential microgrids, and the specific charging demands of the electric vehicle sector. Ultra chairman and chief executive officer Brad Appleyard with Horizon/NED RVT managing director Jon Price, RVT managing director Dr Shuang Ren and RVT chair Brendon Grylls. Richmond Vanadium Technology has signed a binding term sheet to subscribe for up to 20 million shares valued at 25 cents per share in the Western Australian energy technology. This is subject to the successful listing of RVT on the ASX, in which the company intends to raise between $25 million and $35 million. It is also dependent on completion of due diligence of Ultra’s VRFB and standalone power system. Ultra chairman and chief executive officer Brad Appleyard said the additional funding would help fast-track Ultra’s development and planned modular electrolyte production. "We look forward to working together as this new industry grows exponentially," he said. RVT and ASX-listed explorer and gold producer Horizon Mining recently completed a sale and purchase agreement. RVT now owns 100 per cent of the Richmond project, with shares in the company held by Horizon (25 per cent) and existing shareholders of RVT (75 per cent). It has commenced an IPO process with joint lead managers Bell Potter Securities and Euroz Hartleys.

Vanadium proponent plugs into battery tech firm

Industry Queensland

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