- Ultra Power Systems to assist with vanadium recovery at Coates deposit in WA
- Ultra Power Systems to pay $5,000 signing fee and $200,000 in exploration funding for 49 per cent interest in the project
- Ultra Power Systems will use a low carbon and waste procedure for recovery of the renewable-friendly resource
Australian Vanadium boosted 19.4 per cent in the Securities Exchange today after announcing a joint-venture agreement with Ultra Power Systems (UPS).
UPS will provide development at the company’s Coates deposit, located 35 km east of Perth in the shire of Wundowie. The company will produce vanadium electrolyte in return for the right to earn 49 per cent interest in the project.
The deal mandates a $5,000 signing fee and for $200,000 exploration funding within 24 months.
If all requirements are fulfilled, UPS is able to purchase AVL’s interest in the project for $500,00 or through shares in UPS.
UPS also holds exclusive Australian option to licence the VanadiumCorp Electrochem Processing Technology (VEPT). VEPT allows for low carbon production and waste for recovery of vanadium.
UPS Managing Director Brad Appleyard says the company looks forward to commercialising VEPT.
“With strong channel partners, investors and government support we intend to establish the leading integrated solution for vanadium batteries worldwide,” he said.
Vanadium is a valuable resource in promoting clean and renewable energy.
VanadiumCorp CEO Adriaan Bakker says WA is home to the most significant vanadium-titanium-iron resources in the world and is boosted by Australian government support for recovery sustainability.