VSUN Energy, a 100% owned subsidiary of resource company Australian Vanadium Limited, has signed a Memorandum of Understanding (MOU) with North Harbour Clean Energy (NHCE) to collaborate on wide long duration energy storage projects in Australia.
Australian Vanadium launched VSUN Energy in 2016 to grow the vanadium redox flow battery (VRFB) market in Australia and now offers batteries from a range of manufacturers.
NHCE is part of the $50 million University of New South Wales and University of Newcastle Australian Government Trailblazer partnership.
According to the ASX Announcement, the MOU will allow VSUN Energy to assist NCHE in integrating VRFBs into existing and future projects.
The VRFB is a proven, commercialized product that can help complement the company’s use of pumped hydro energy storage, according to NHCE.
The MOU establishes a framework for the two firms to evaluate market opportunities for VRFB installations, including the possibility of local VRFB manufacturing or assembly and vanadium electrolyte leasing.
The MOU is non-exclusive and is effective for two years. Either party may terminate it by giving at least one month’s notice, as stated in the announcement.
“In working together on VRFB projects, VSUN Energy and NHCE will have the opportunity to support the development of large projects through access to a company with strong funding capability. Jointly the companies aim to grow the Australian vanadium energy storage sector and do justice to this Australian invented technology,” said Managing Director, Vincent Algar.
“We look forward to partnering with VSUN Energy to help accelerate the implementation of VRFBs at industrial scale into the Australian energy market, allowing the rapid uptake of renewable energy to continue. This technology is perfectly suited to long duration stationary energy storage, has a number of advantages over alternative technologies, and Australia has a unique opportunity given its invention of the technology in the 1980s, coupled with our large share of known vanadium resources,” added NHCE Managing Director, Tony Schultz.
