Market Herald logo


Be the first with the news that moves the market
  • Ultra Power Systems to assist with vanadium recovery at Coates deposit in WA
  • Ultra Power Systems to pay $5,000 signing fee and $200,000 in exploration funding for 49 per cent interest in the project
  • Ultra Power Systems will use a low carbon and waste procedure for recovery of the renewable-friendly resource

Australian Vanadium boosted 19.4 per cent in the Aiustralian Securities Exchange today after announcing a joint-venture agreement with Ultra Power Systems (UPS).

UPS will provide development at the company’s Coates deposit, located 35 km east of Perth in the shire of Wundowie. The company will produce vanadium electrolyte in return for the right to earn 49 per cent interest in the project.

The deal mandates a $5,000 signing fee and for $200,000 exploration funding within 24 months.

If all requirements are fulfilled, UPS is able to purchase AVL’s interest in the project for $500,00 or through shares in UPS.

UPS also holds exclusive Australian option to licence the VanadiumCorp Electrochem Processing Technology (VEPT). VEPT allows for low carbon production and waste for recovery of vanadium.

UPS Managing Director Brad Appleyard says the company looks forward to commercialising VEPT.

“With strong channel partners, investors and government support we intend to establish the leading integrated solution for vanadium batteries worldwide,” he said.

Vanadium is a valuable resource in promoting clean and renewable energy.

VanadiumCorp CEO Adriaan Bakker says WA is home to the most significant vanadium-titanium-iron resources in the world and is boosted by Australian government support for recovery sustainability.

Read and comment on the full announcement

AVL by the numbers
More From The Market Herald

" Kelsian Group (ASX:KLS) sells East London bus operation for £20m

Tourism and bus company Kelsian Group (ASX:KLS) agrees to sell its East London bus operations to…
The Market Herald Video

" Titomic (ASX:TTT) sells first Titomic D523 system in Asia Pacific

Titomic (ASX:TTT) has sold its first Titomic D523 system through the company's Australian branch to D&C…

" COVID-19 outbreaks force Brickworks (ASX:BKW) to wind back operations

Brickworks (ASX:BKW) has wound back operations at several facilities in New South Wales and Queensland in…

" Bapcor (ASX:BAP) looks to raise $210M and carry out its 5-year strategy in spite of COVID-19

Bapcor (ASX:BAP) is looking to raise up to $210 million to reduce its net debt and…