- TMT agrees to expand the vanadium electrolyte MoU with LE System.
- The company had signed an MoU on 15 March 2021 for the potential use of LE System’s VRFB electrolyte technology to develop a new VRFB industry in Australia, using vanadium produced from the MTMP.
- Now, the MoU is effective until 30 June 2022, unless further extended.
ASX-listed mineral exploration and development Company Technology Metals Australia Limited (ASX:TMT) has mutually agreed with leading Japanese VRFB R&D company LE System to extend and expand the vanadium electrolyte Memorandum of Understanding executed in March 2021.
TMT informed that the expanded MOU provides the framework for TMT and LES to collectively undertake a Feasibility Study into the development of vanadium electrolyte production capacity in Australia, using vanadium product from the Murchison Technology Metals Project along with LES’ vanadium electrolyte technology.
The two companies have now agreed to extend & expand the scope of the MOU to collectively prepare a Feasibility Study regarding the expansion of vanadium electrolyte production capacity in Australia. The Feasibility Study will focus on several things such as:
- Operating, permitting and capital factors related to the development of vanadium electrolyte production capacity,
- The application of LES’ proprietary vanadium electrolyte technology to the premium purity vanadium to be sourced from the MTMP, and;
- Assessing suitable locations for multiple vanadium electrolyte plants proximal to proposed large scale renewable energy production centres designed to service the major population centres of Australia.
Under the proposed Licencing Agreement, this process will provide TMT with access to LES’ proprietary processing technology and know-how based on intellectual capital accumulated over a decade or more. This will include support in sample analysis, flowsheet design, associated R&D and technology collaboration regarding the development of Australian based vanadium electrolyte production capacity.
This will further enhance the economic and social benefits for Western Australia’s Middle-West region, the State and the Nation that the development of MTMP is anticipated to generate over a long period.
TMT closed today’s session at AU$0.355 per share, down 5.334%.