Australian Vanadium to raise capital ahead of potential involvement in large power project
Date: Apr 12, 2018
Australian Vanadium Ltd (ASX:AVL) has entered a trading halt ahead of a capital raising.
Management expects to be able to make an announcement to the market by Friday regarding the terms of the raising.
Capital would assist Western Australian initiative
Through its subsidiary VSUN Energy, Australian Vanadium has registered its interest for Western Power’s standalone power systems (SPS) project.
The SPS use a combination of renewable energy, batteries and back-up diesel generators, enabling generation, storage and reliable delivery of power.
This wouldn’t be the company’s first foray into using its vanadium redox flow battery (VRFB) technology.
VFRBs have proven track record
Australian Vanadium’s VFRBs are non-flammable and provide in excess of four hours of energy.
The battery VSUN Energy installed at a native tree nursery in Busselton in late 2016 is a 10-kilowatt power system with 100 kilowatt-hours of energy storage.
