![Anson Resources (ASX:ASN) - Executive Chairman & CEO, Bruce Richardson [right]](https://themarketonline.com.au/wp-content/uploads/2021/09/5029-aNSON-1280x720-800x450.jpg)
- Anson Resources (ASN) extends a memorandum of understanding (MoU) with NYSE-listed TETRA Technologies in relation to the production of bromine and other minerals from Anson’s Paradox lithium project in the US state of Utah
- The MoU provides a framework for the parties to discuss potential offtake of elemental bromine as bromide derivative products, TETRA possibly investing in the Paradox project and supply of TETRA’s patented bromine derivative processes and brine technologies
- The MoU extension till July 31 allows the companies extra time to discuss potential product mix changes as a result of TETRA’s increased zinc-bromide commitment from energy storage battery technology manufacturers
- Anson says it is excited by the growth potential in the zinc-bromine battery market, which is set to support bromine production from its Paradox project
- ASN shares down 1.61 per cent to 15.3 cents
Anson Resources (ASN) has extended a memorandum of understanding (MoU) with NYSE-listed TETRA Technologies over Anson’s Paradox lithium project in the US state of Utah until July 31, 2022.
The companies originally entered into a non-binding MoU in August 2021 in relation to the extraction and production of bromine and other minerals (excluding lithium) at Paradox.
The MoU provided a formal framework to discuss potential offtake of elemental bromine as bromide derivative products, TETRA possibly investing in the Paradox project, management of plant operations, and supply of TETRA’s patented bromine derivative processes and brine technologies.
Anson said TETRA’s patented manufacturing process produces some of the highest purity zinc-bromide in the world and the company is a global leader in the production of bromine derivative products such as calcium-bromide, sodium-bromide and zinc bromide, which is used in grid energy storage batteries as well the oil and gas markets.
The MoU extension allows TETRA and Anson extra time to discuss potential product mix changes as a result of TETRA’s increased zinc-bromide commitment from energy storage battery technology manufacturers, the future supply of zinc-bromide and sodium-bromide and how the companies will co-operate to produce these products.
“We are very excited by the growth potential in the zinc-bromine battery market, which will directly support the production of bromine from our Paradox lithium project,” Anson Executive Chairman Bruce Richardson said.
“The growing investments into renewable energy projects represents a strong positive factor fuelling growth in the zinc-bromine battery market, addressing the intermittent nature of renewable energy sources and maintaining grid reliability.”
He said Anson had a “strong endowment in both lithium and bromine”, potentially enabling it to participate in the growing demand for batteries in electric vehicles and energy storage systems.
ASN shares were down 1.61 per cent to 15.3 cents at 12:06 pm AEST.