Vanteck Announces VRB Commercialization Agreement
Vanteck Technology Corp. (Vancouver, BC) announced that its 73.04-percent-owned subsidiary, Pinnacle VRB Ltd. (Melbourne, Australia), has entered into new agreements that will expedite the commercialization of vanadium redox battery (VRB/VESS) technology in major US and European energy-storage markets. The agreements are with Sumitomo Electric Industries (SEI) and Vanteck VRB Technology.
Pinnacle is now able to secure all or part of any VRB/VESS system from SEI, electrolytes from Vanteck, and will also secure an increased income stream from each and every VRB/VESS system installed worldwide. The new agreements also enable Pinnacle to use SEI, Vanteck or other parties as component suppliers and/or general contractors for any Pinnacle installation worldwide.
Pinnacle has also secured an arrangement with Vanteck for the long-term supply of the vanadium electrolyte. Under the arrangement, Vanteck will ensure the supply of electrolyte to Pinnacle in the quantities and to the specifications required by Pinnacle.