I see we have some news:
August 10, 2001
NEWS RELEASE
VANTECK’S 250 KW - 520 KWH VRB-VESS
SUCCESSFULLY INSTALLED AND COMMISSIONED IN SOUTH AFRICA
Vanteck (VRB) Technology Corp. (the “Company”) advises the successful completion of the installation and commissioning of a 250 kW - 520 kWh Vanadium Redox Battery (“VRB”) - Vanadium Energy Storage System (“VESS”) at the University of Stellenbosch, Cape Town, South Africa for TSI/Eskom of South Africa. The TSI/Eskom VRB-VESS system is the first and largest industrial scale system outside of Japan. Vanteck is pleased to report a trouble free and time-efficient engineering effort.
The engineering, assembly, installation and commissioning of the TSI-Eskom system was carried out by Vanteck in association with its primary technical consultants, Telepower Australia. In keeping with Vanteck’s business strategy of reducing the VRB and VESS to core components and developing low-cost supply paths for each element in order to meet baseline cost targets through aggregation, system components for the TSI-Eskom VRB-VESS system were obtained from various sources reflecting an international effort to commercialize the technology. The cell stacks were purchased from Sumitomo Electric Industries. Six 42 kW, 100-cell stacks were used. Vanteck/Highveld Steel and Vanadium produced the electrolyte in South Africa at an electrolyte pilot plant established in Highveld’s Witbank facilities to a purity level specified by the stack manufacturer. Vanteck/Highveld can implement and scale up bulk vanadium electrolyte manufacture going forward Eskom’s 250 KVA shunt connected Dynamic Power Quality Compensator (DPQC-P-250) was used as the PCS bi-directional inverter. Proprietary VESS hardware and software was provided by Vanteck/Telepower. VESS is a proprietary advancement of the basic VRB developed by Vanteck/Telepower. VESS integrates the VRB into a flexible energy storage system through exploiting the attributes of the VRB by optimized automated intelligent control and operational management electronics. VESS allows practical energy storage for new applications not before thought cost effective or achievable with lead-acid technology as well as pending beneficial replacement options for existing DC power infrastructure. A local South African engineering firm carried out the civil works.
After the current phase of verification and calibration of the interface between Vanteck’s VESS and Eskom’s PCS equipment and subsequent benchmarking of system performance, a program designed to demonstrate a number of power quality applications is to commence. The TSI-Eskom system is designed to show the versatile configuration and operation of VESS, with the single installation demonstrating applications ranging from sub-second UPS ride-through capability through to power quality and emergency power back-up.
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The general specification of the TSI-Eskom VRB-VESS system is summarized as follows;
Parameter Specification
AC output line 380V 3 phase
Rated power 250kVA
Operational run-time 2 hour
DC line voltage Nominal 700V
DC voltage range 650V - 850V
Max DC current 400A
As part of Vanteck’s commercialization strategy for the VRB technology in South Africa and the African market where Vanteck holds all right, title and interest to the VRB technology, Vanteck, as previously reported (see News Release dated August 11, 2000), has a tripartite Heads of Agreement with TSI - Eskom and Highveld Steel and Vanadium Corporation Limited of Witbank, South Africa.
Highveld is a substantial steel and ferro-alloy producer and is a significant producer of vanadium. The Company, as previously reported has a separate alliance agreement with Highveld.
Eskom is the fifth largest power utility in the world and the dominant South African power utility supplying approximately 95% of the country’s electricity requirements which amounts to more than half of the electricity generated on the African continent.
Pinnacle VRB Limited (“Pinnacle”) an Australian Stock Exchange (“ASX”) listed company holds the Intellectual Property rights to the VRB technology subject to certain Licences and Agreements. Vanteck has made an unconditional share offer (1 Vanteck share for every 4 Pinnacle shares) for all of the issued shares in Pinnacle. Vanteck Bidder’s Statement was lodged with the ASIC on July 23, 2001 and the Offer date is July 30, 2001. Prior to Vanteck’s share bid Vanteck held a 19.94% interest in Pinnacle and is Pinnacle’s largest individual shareholder.
The VRB is a new cost efficient electrochemical redox flow battery that stores electricity in bulk with unique advantages that allow for totally new approaches to energy packaging and utilization.
The completion of the TSI-Eskom VRB-VESS installation and commissioning is an important milestone in Vanteck’s aggressive program to commercialize energy storage based on VRB technology. Vanteck looks forward to reporting results of the TSI-Eskom demonstration trials as they become available.
For further information on the Vanadium Redox Battery (“VRB”) and the Vanadium Energy Storage System Technology (“VESS”) please visit the company’s website at www.vanteckvrb.com or call Investor Relations at (250) 655-4132 .
On Behalf of the Board of Directors
VANTECK (VRB) TECHNOLOGY CORP.
“Rodney N. Duncan”
Rodney N. Duncan
President and Director
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Maybe things will roll forward now. |
