AVESS Energy is pleased to announce it has signed a binding memorandum of understanding (MoU) with vanadium developer Atlantic Vanadium Pty Ltd (Atlantic) to demonstrate its 50kW/250kWh vanadium flow battery (VFB) prototype.
AVESS is seeking to demonstrate its VFB prototype at Atlantic’s world-class Windimurra Vanadium Project, located 670km north of Perth and 80km from Mount Magnet, Western Australia.
The demonstration will seek to integrate AVESS’ VFB prototype and solar PV into an existing disconnected microgrid to power non-essential loads on the Windimurra Vanadium Mine campsite.
The MoU provides a framework for both parties to negotiate definitive agreements for the supply of AVESS’ 50kW/250kWh to the Project.
The Atlantic partnership signifies a transformational opportunity for AVESS to validate its VFB technology with a proven vanadium developer while cementing AVESS’ position in the Australian mining sector and growing its VFB market share.
The partnership unlocks multiple synergies for both companies including the ability to leverage Atlantic’s world-class vanadium resource at Windimurra while capitalising on AVESS’ world-class stack technology.
The parties will now work towards regulatory approvals and definitive agreements. Further details will be provided as the partnership progresses.
Commenting on the signing of the binding MoU with Atlantic and its significance to the Australian vanadium supply chain, AVESS Energy Managing Director Young Yu said:
“We are grateful for this opportunity to showcase our VFB, and we look forward to growing our partnership with Atlantic.
“The deployment of our 50Kw/250Kwh VFB at Windimurra represents a significant milestone for AVESS Energy.
“This exciting partnership is another step towards the development of the local vanadium supply chain,” said Yu.
The USD $298.11 million (2022) million global vanadium flow battery market is projected to reach USD $1,214.97 million by 2030, while the market is expected to grow at a CAGR of 19.5% from 2023 to 2030.
ENDS
