Vanadiumcorp Receives Funding From Prima Quebec For A Critical Metal
VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTCBB: VRBFF) (‘VanadiumCorp’ or the ‘Company’) is pleased to announce that the Company has received a $500,000 grant to support the development of the vanadium electrolyte production plant in Val-des-Sources, Quebec.
Thanks to this grant, the Company’s production equipment will be state-of-the-art, which will also contribute to an environmentally friendly circular economy.
The financial assistance comes from the Research and Development Support Program for the Circular Economy Applied to Critical and Strategic Minerals Sectors of the Ministere des Ressources naturelles et des Forets, which is administered by PRIMA Quebec.
The Corporation’s new production facility will operate in partnership with the Carrefour d’innovation sur les materiaux de la MRC des Sources (CIMMS), and is expected to be operational in early 2024. It will produce a high-quality vanadium electrolyte for vanadium electrolyte flow (VRFB) redox batteries. VRFBs are the next generation of long-life batteries that are currently being deployed worldwide to support renewable energy storage.
Gilles Dupuis, P.Eng., Chief Operating Officer of the Corporation, stated: ‘This assistance is another demonstration of the Government of Quebec’s tremendous leadership in supporting the development of new technologies and battery manufacturing. This will help put Quebec’s vanadium on the global green energy map. ‘
‘The vanadium electrolyte produced in Quebec will become a key component in the international battery industry. Supporting this development in Quebec will help diversify our industrial base and implement a circular economy,’ said Marie-Pierre Ippersiel, President and CEO of PRIMA Quebec.
About PRIMA Quebec
As an industrial research sector cluster (RSRI), PRIMA Quebec, the Advanced Materials Research and Innovation Hub, animates and supports the advanced materials ecosystem by promoting collaborative innovation for Quebec’s economic development. It is the privileged catalyst between industrial and research circles.
About VanadiumCorp Resource Inc.
VanadiumCorp Resource Inc. will produce a high-quality vanadium electrolyte for the fast-growing international vanadium electrolyte flow redox battery (VRFB) market. The Company’s first electrolyte production facility is located in Val-des-Sources, Quebec. By eventually developing its own mineral deposits of vanadium, titanium and iron with exclusive properties, the company will secure a reliable and long-term supply of raw materials for the manufacture of electrolytes. Our flagship project is the Lac Dore deposit near Chibougamau, Quebec. The Company’s plant will also be used to test the quality of minerals extracted from the Lac Dore deposit and to recycle electrolytes.
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