Vanadium Corp.,recently announced that it has entered into a Letter of Intent with DMG MORI AKTIENGESELLSCHAFT to acquire DMG MORI’s holly owned subsidiary, GILDEMEISTER energy storage GmbH (“GES”), manufacturer of the CellCube vanadium flow energy storage system. The LOI provides American Vanadium with exclusive right to enter into a share purchase agreement on or before February 29, 2016.
“With 15 years since R&D began, seven years since the commercial launch of its first system and now having sold more than 100 units, the CellCube has successfully been established as the world’s most commercially advanced flow battery and we look forward to building the business into a global energy storage leader,” stated Bill Radvak, President & CEO of American Vanadium.
“Our vertical integration strategy of combining the “best in class” CellCube system and American Vanadium’s future development of high purity vanadium electrolyte from the Gibellini Vanadium Deposit located in Nevada presents a unique opportunity to create a global leader at an opportune time. An aging utility infrastructure, combined with the dramatic growth of renewable energy, are strong market drivers towards long duration storage where flow batteries are expected to dominate.”
With numerous international and successfully realized, independent reference projects GES is a leading supplier of proven and commercially available vanadium flow battery systems. Thus far, GES’s installed base of CellCube energy storage systems have accumulated almost two million hours of continuous operation.