American Vanadium Licenses Vanadium Electrolyte Intellectual Property from Battelle
March 26 2012 - 9:00AM
Business Wire
AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”)
(TSX.V: AVC) (OTC: AVCVF) announces it has signed a licensing
agreement with Battelle for use of a mixed acid electrolyte
technology developed at Pacific Northwest National Laboratory
(“PNNL”) that increases the energy density and operating
temperature range of vanadium redox flow batteries. Additionally,
as part of a separate agreement, PNNL will independently evaluate
the development of American Vanadium’s electrolyte, to be produced
from its Gibellini Project in Nevada.
“Securing rights to this important intellectual property from a
world leading research institute such as Battelle is a strong first
step in our strategy to move up the value chain in the mass energy
storage industry by leveraging the development of our Gibellini
Project, America’s only vanadium deposit,” stated Bill Radvak,
President & CEO of American Vanadium. “Grid scale energy
storage is the foundation of renewable energies like wind and solar
and the future of American energy distribution, and technical
enhancements to vanadium flow batteries such as this will only
increase their value in this rapidly growing market.”
Peter C. Christensen, commercialization manager at Pacific
Northwest National Laboratory stated, “We are pleased to sign this
agreement with American Vanadium to commercialize technologies
funded by the Department of Energy. Grid scale energy storage is a
growing area of focus for this Laboratory and the Department of
Energy given the positive impact it will make on the grid when
widely deployed. This license and American Vanadium’s work are
significant steps in the right direction.”
Through the Laboratory’s Technology Assistance Program,
researchers may provide additional support for the development of
American Vanadium’s electrolyte to ensure its compatibility with
both the licensed technology as well as vanadium flow batteries
currently being developed and marketed worldwide.
About Battelle
Battelle is the world's largest independent research and
development organization. Headquartered in Columbus, Ohio, Battelle
oversees 22,000 employees in more than 130 locations worldwide.
Battelle has managed the U.S. Department of Energy's Pacific
Northwest National Laboratory in Richland, Wash., since the
laboratory's inception in 1965.
About American Vanadium
Corp.
American Vanadium is currently developing the Gibellini Project,
a vanadium deposit located in Nevada, USA. Vanadium is a critical
alloying metal used to strengthen steel and is also growing in
importance in emerging uses such as mass energy storage and next
generation lithium-vanadium batteries. American Vanadium’s
Gibellini Project is on track to become North America’s only
primary producer of vanadium and is being designed to economically
produce vanadium pentoxide for the steel and alloying industries,
as well as vanadium electrolyte for the mass storage
industry. A positive Feasibility Study and updated National
Instrument 43-101 Technical Report on the Gibellini Project were
completed by AMEC E&C Services, Inc. in 2011.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward-Looking Statements: This press release contains
“forward-looking information” within the meaning of applicable
Canadian securities laws, including statements regarding the
expected use of proceeds from the Private Placement, and future
plans and objectives for the Gibellini Project. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of American Vanadium to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Forward-looking information includes estimates of mine
production rates and mine life, revenues from future mining
operations, capital and operating costs, and pay-back period.
Factors that may cause actual results to vary include, but are not
limited to, actual results of current exploration activities;
conclusions of economic evaluations; changes in project parameters
as plans continue to be refined; future prices of vanadium;
possible variations in reserves, grade or recovery rates; changes
to capital and operating cost estimate, delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities. Although American Vanadium
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. American
Vanadium does not undertake to update any forward-looking
statements, except in accordance with applicable securities
laws.
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