Technology Metals (ASX:TMT) - Managing Director, Ian Prentice
Managing Director, Ian Prentice
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Technology Metals (TMT) is set to expand a memorandum of understanding (MoU) which was first executed in March 2021
  • Technology Metals mutually agreed with Japanese company LE System Co to extend the MoU for the potential use of LE System’s Vanadium Redox Flow Batteries (VRFB) electrolyte technology to develop a new industry in Australia
  • The expanded deal provides the framework for the companies to jointly undertake a feasibility study into the development of vanadium electrolytes
  • Through this, Technology Metals aims to be the first fully integrated mine to battery vanadium electrolyte producer in Australia
  • Technology Metals is down 2.67 per cent, trading at 36.5 cents at 2:00 pm AEDT

Technology Metals (TMT) is set to expand a memorandum of understanding (MoU) first executed in March 2021.

The company mutually agreed with Japan’s LE System Co to extend and expand the MoU. The MoU was for the potential use of LE System’s Vanadium Redox Flow Batteries (VRFB) electrolyte technology to develop a new industry in Australia, using vanadium produced from the Murchison Technology Metals Project (MTM).

The expanded MoU provides the framework for Technology Metals and LE System to jointly undertake a feasibility study into the development of vanadium electrolyte production capacity in Australia, utilising vanadium product from the MTMP and LE System’s proprietary vanadium electrolyte technology.

The feasibility study will focus on the operating, capital and permitting factors associated with the development of vanadium electrolyte production capacity, the use of LE Systems’ vanadium electrolyte technology, as well as assessing suitable locations for multiple vanadium electrolyte plants.

LE Systems will also provide technical support and collaboration under a technology licencing agreement.

Through this, Technology Metals aims to be the first fully integrated mine to battery vanadium electrolyte producer in Australia.

“We view the downstream processing opportunities for vanadium from the MTMP as important for both the future demand of vanadium but also as key to addressing climate change,” Managing Director Ian Prentice said.  

Technology Metals was down 2.67 per cent, trading at 36.5 cents at 2:00 pm AEDT.

TMT by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…