17 September 2002 – Vanteck (VRB) Technology Corp. (Vanteck) said Tuesday that installation of its Vanadium Redox Battery system for US utility PacifiCorp is underway – the Canadian company’s first North American large-scale commercial installation.
The stack container housing the cell stacks, the power conditioning system, and the control system, has been transported to the site and installed into the purpose-built building. Installation of the electrical wiring for all the DC and AC services is well underway.
The electrolyte containers have also been positioned, and completion of the inter-container connection piping is underway. The portable electrolyte transfer container has been commissioned, and the mixing and transfer of the vanadium electrolyte to store 2000kWh of energy has commenced.
Vanteck also announced that it has agreed to issue, by way of private placement, a secured non-convertible debenture in the principal amount of $250 000 (the “Debenture”) to an arm’s length lender. The Debenture shall bear interest at 10 per cent per annum and shall have a one-year term. The Company has also agreed to issue as a bonus to the lender a total of 266 000 shares. The Debenture shall be secured by a general charge on the assets of the Company, and shall become immediately payable in the event that the Company completes financing of $1m or more.
The Company has also agreed to pay to an arm’s length third party a finders fee of 133 000 shares of the Company.
The proceeds from the financing shall be used for working capital of the Company related to the completion of the PacifiCorp VRBPower System project. Closing of the above transactions are subject to regulatory approval.
PacifiCorp provides electric service to approximately 1.5 million customers in Utah, Wyoming, Oregon, Washington, Idaho and California. With a service area of more than 135,000 square miles, PacifiCorp has one of the most extensive transmission systems in the U.S. PacifiCorp is one of the lowest-cost electricity providers in the U.S. and owns about 8,200 megawatts of generation capacity from coal, hydro, gas-fired combustion turbines, geothermal and wind power.
Based in Vancouver, B.C., Vanteck is an alternative electrochemical energy storage company that has commercialized the patented Vanadium Redox Battery (VRB) Energy Storage System. The VRB is a technology that effectively stores and delivers electricity on demand, improves power reliability, power quality and reduces costs associated with applications for load levelling, peak shaving, and the supply of essential Uninterruptible Power Systems. Vanteck is listed on the TSX Venture Exchange (“VRB”), the OTC Pink Sheets (“VTTCF”) and on the Frankfurt Exchange (“VNK”).