- Australian Vanadium (AVL) has signed a Memorandum of Understanding (MOU) with CellCube vanadium redox flow battery (VRFB) manufacture Enerox
- The MOU will include offtake arrangements to support the global VFRB sales by Enerox and a vanadium electrolyte facility in Australia to supply Enerox battery installations
- In addition to the MOU, Australian Vanadium subsidiary, VSUN Energy, has signed a Value Added Reseller (VAR) agreement with Enerox for the supply and installation of CellCube products and services in Australia
- On the market today, Australian Vanadium is up 15.4 per cent and is trading for 1.5 cents per share
Australian Vanadium (AVL) has signed a Memorandum of Understanding (MOU) with Enerox GmbH.
Enerox is a global market leader of vanadium redox flow battery (VRFB) energy storage systems. It designs, develops, manufactures, sells, installs, operates and maintains battery storage projects, under the brand name CellCube.
The MOU is to establish binding agreements for offtake of vanadium products from the planned Australian Vanadium Project in Gabanintha, which will support CellCube.
The agreement is for two years, with a two month notice period on either side for termination.
In addition to the MOU, Australian Vanadium subsidiary, VSUN Energy, has signed a Value Added Reseller (VAR) agreement with Enerox for the supply and installation of CellCube products and services in Australia.
Australian Vanadium Managing Director, Vincent Algar, said through its subsidiary it was able to develop a strong relationship with CellCube.
“We are delighted to be able to broaden this relationship further, to include future supply of vanadium and vanadium electrolyte from the Australian Vanadium Project as the project moves towards production,” he said.
“With Enerox developing ever larger VRFB projects around the world and in Australia, the secure supply of high-purity vanadium pentoxide will be crucial for further growth of this reliable energy storage technology as it builds its market presence,” he added.
CEO of Enerox, Alexander Schönfeldt is happy it is growing its Australian business with VSUN as its local partner.
“Having 3 systems already in the region and taking the COVID situation into account, it is for us and our clients very important to have a trusted partner in Australia who is trained on our systems and who we have known for many years,” he said.
“For the increasing demand of long-duration energy storage specifically in hot and remote areas, the Vanadium Redox-Flow technology in combination with renewables is the best solution. Having a local supply chain and value creation will be a major benefit for the people and business in Australia,” he added.
On the market today, Australian Vanadium is up 15.4 per cent and is trading for 1.5 cents per share at 12:02 pm AEST.
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