5 September 2002 – Pinnacle VRB Limited (Pinnacle) a subsidiary of Vancouver-based Vanteck (VRB) Technology Corp. (Vanteck) has been awarded a grant of A$700 000 ($387 000) by the Australian Greenhouse Office as part of their Renewable Energy Commercialisation Programme.

The grant is to be used towards Pinnacle’s contract for the supply and installation of a VRBPower System as part of the King Island wind farm expansion for Hydro Tasmania.

“This grant is recognition by the Australian Greenhouse Office of the potential of the VRBPower System to reduce greenhouse emissions and of its potential commercial applications,” said John Anderson, Chairman of Pinnacle VRB Limited. “We look forward to working with the Australian Greenhouse Office and Hydro Tasmania on this exciting project.”

The grant will be paid in six instalments, in accordance with agreed milestones for the installation of the project. Full payment is expected by the end of January 2003.

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.