Technology Metals (ASX:TMT) expands MoU for vanadium redox flow batteries

• Technology Metals (TMT) is set to expand a memorandum of understanding (MoU) which was first executed in March 2021
• Technology Metals mutually agreed with Japanese company LE System Co to extend the MoU for the potential use of LE System’s Vanadium Redox Flow Batteries (VRFB) electrolyte technology to develop a new industry in Australia
• The expanded deal provides the framework for the companies to jointly undertake a feasibility study into the development of vanadium electrolytes
• Through this, Technology Metals aims to be the first fully integrated mine to battery vanadium electrolyte producer in Australia
• Technology Metals is down 2.67 per cent, trading at 36.5 cents at 2:00 pm AEDT

Technology Metals (TMT) is set to expand a memorandum of understanding (MoU) first executed in March 2021.

The company mutually agreed with Japan’s LE System Co to extend and expand the MoU. The MoU was for the potential use of LE System’s Vanadium Redox Flow Batteries (VRFB) electrolyte technology to develop a new industry in Australia, using vanadium produced from the Murchison Technology Metals Project (MTM).

The expanded MoU provides the framework for Technology Metals and LE System to jointly undertake a feasibility study into the development of vanadium electrolyte production capacity in Australia, utilising vanadium product from the MTMP and LE System’s proprietary vanadium electrolyte technology.

The feasibility study will focus on the operating, capital and permitting factors associated with the development of vanadium electrolyte production capacity, the use of LE Systems’ vanadium electrolyte technology, as well as assessing suitable locations for multiple vanadium electrolyte plants.

LE Systems will also provide technical support and collaboration under a technology licencing agreement.

Through this, Technology Metals aims to be the first fully integrated mine to battery vanadium electrolyte producer in Australia.

“We view the downstream processing opportunities for vanadium from the MTMP as important for both the future demand of vanadium but also as key to addressing climate change,” Managing Director Ian Prentice said.  

Technology Metals was down 2.67 per cent, trading at 36.5 cents at 2:00 pm AEDT.