Canadian firms VanadiumCorp Resource and Electrochem Technologies & Materials have signed a non-binding memorandum of understanding to produce vanadium electrolyte.
Both companies will collaborate to produce vanadium electrolyte directly from VanadiumCorp’s VTM (Vanadiferous Titaniferous Magnetite) concentrate.
The deal sets out opportunities for both firms to begin prototype testing of the VTM, demonstrate recoveries and economics in pilot testing and opportunities in commercial vanadium electrolyte manufacture.
The collaboration will aim to make cheaper electrolyte, which equates to 50% of the total battery costs, in a more environmentally friendly way using metallurgical and electrochemical processing technologies.
Both companies will look to enter into a definitive agreement within 12 months of the initial deal depending on how the partnership develops.
Adriaan Bakker, CEO of VanadiumCorp said: "Integrating exclusive vanadium supply with new technology is the ultimate strategy to reduce cost/kWh and accelerate commercialisation of vanadium based energy storage."
Dr. François Cardarelli, president of Electrochem added that novel metallurgical and electrochemical technologies could offer significant advantages in reducing emissions of greenhouse gases, in cost savings and increasing efficiency.
He added: “In the vanadium industry this bottleneck has inhibited Vanadium Redox Flow Battery economics for decades. Developing a vertically integrated supply chain for VE manufacture in Canada would be a disruptive approach for energy storage."