VANCOUVER, March 28, 2001 Vanteck Technology Corp. said it has entered into an agreement with Pinnacle VRB Limited to develop and market the Vanadium Redox Battery Technology in the Americas.
Under the agreement, Pinnacle granted to the company the sole and exclusive right to develop, market, sell, own as a licencee, manufacture and utilize the Vanadium Redox Battery Technology within Canada, the United States including Hawaii and Alaska, Central and South America and all offshore islands thereto and the Caribbean.
The company is also granted the sole and exclusive right to make vanadium electrolyte in the Territory for use by Vanteck or its customers in the Territory; and the unfettered right to access and obtain by way of a separate agreement(s) all or any portion of the VRB technology from any existing or future VRB Licencee of Pinnacle.
The company is also granted the right to sub- licence to third parties within the Territory intellectual property created by the company through or by the use of VRB technology by Vanteck in the Territory and outside the territory with the consent of Pinnacle first being obtained.
The company currently holds all right, title and interest to utilize the VRB technology for the Continent of Africa where an initial 250 kW – 520 kWh VRB unit will shortly be installed for Eskom of South Africa. Eskom is the South African National power utility.
The VRB/VESS Technology
The VRB is a patented electrochemical “Energy Storage” technology that has technical performance characteristics and cost competitiveness against conventional energy storage technologies such as lead-acid and nickel-cadmium battery technologies. The VRB technology is most suited to stationary energy storage applications.
Stationary applications include power stations, the telecommunications sector (power back-up systems) and alternative energy generators such as wind farms. As electricity cannot be stored on a large scale, power stations for example, require expensive surplus generating and distribution capacity to meet peak demand. In the Power Industry sector the VRB is a new enabling technology that can effectively store electricity on demand. The VRB improves power reliability, power quality and will reduce costs for such applications as load leveling, peak shaving etc. as well as providing essential Uninterruptible Power Systems (“UPS”). The VRB technology is safe with low ecological impact. It uses conducting plastic electrodes and contains no heavy metals such as lead, nickel, zinc, cadmium etc.
The VRB is referred to as a reduction/oxidation (redox) flow battery. Energy is stored chemically in two forms of ionic vanadium in acidic liquid electrolyte. The VRB consists of a number of flow cells (stacks). The electrolyte is pumped from separate storage tanks into each of the flow cells. The two different forms of the electrolyte remain separated by a Proton Exchange Membrane (“PEM”). In doing so, one form of the ionic vanadium is oxidized and the other form reduced, the resulting current is collected by electrodes and available to an external circuit. The electrochemical reaction is reversible, so the VRB can be charged and discharged. The concentration of each ionic form of the vanadium electrolyte changes as the VRB is charged and discharged with electrical energy being converted to chemical energy and vice- versa.
The VRB technology is significantly enhanced through the Vanadium Energy Storage System. VESS integrates the VRB into a very practical energy storage system, wherein the design and operating characteristics of the VRB are optimized and integrated with automated intelligent control and operational management electronics.
For further information on the Vanadium Redox Battery and the Vanadium Energy Storage System Technology please visit the company’s website at www.vanteckvrb.com.