You are welcome Larry S, there are two of you on SI you know..maybe it is the other that brought VRB bookmarks from 11 to 12<<ggg>> anyway more news..from the home town of Ballard..
VRB Power & NORAM Engineering Sign Technology Development Agreement
Wednesday September 15, 5:15 pm ET
VANCOUVER, Sept. 15 /CNW/ - VRB Power Systems Inc. ("VRB Power") is pleased to announce a Technology Development Agreement with NORAM Engineering and Constructors Ltd. ("NORAM").
Extensive work has been completed with NORAM both in Canada and Europe which includes the development of the 5kW cell stacks and the identification and development of manufacturing techniques to enable low cost, mass manufacturing and assembly of the 5kW cell stacks and the 5kW x 4 hour VRB-ESS. NORAM is also involved with additional development work on the large VRB-ESS regarding further enhancements to system optimization and performance.
"NORAM is a world class, specialized, chemical process development company with extensive experience in the design, manufacture and integration of electrochemical systems", states Tim Hennessy, CEO of VRB Power. "We share a similar appreciation for the potential of energy storage. The team of engineers and scientists we have assembled is providing us with significant advances in the VRB cell stack and system designs".
"NORAM is pleased to be working with VRB Power on this development program. We consider the VRB Technology to be safe, simple and an ideal candidate for successful commercial applications. It's a great opportunity for us to apply our knowledge of process, chemicals, materials and electrical power systems." says Malcolm Cameron, Principal Electrical Engineer of NORAM.
Terms of the Agreement include an option for NORAM to participate by way of a minority interest in VRB Power's cell stack manufacturing and assembly facility. NORAM also has the option at the conclusion of the contract to convert fees due under the Development Agreement and any applicable performance bonuses into shares of VRB Power. Conversion into VRB Power shares will be subject to regulatory approval and be in accordance with market parameters and pricing at that time.
About NORAM
NORAM is an engineering and technology company, specializing in development, commercialization, and supply of leading-edge chemical processes and systems. NORAM is a private, Vancouver-based company that has successfully completed projects for large multi-national companies on five continents. Principal market sectors include electrochemical, energy, nitration, sulphuric acid, wastewater treatment and pulp and paper. Website: www.noram-eng.com.
About VRB Power
Based in Vancouver, B.C. Canada, VRB Power Systems Inc. is an electrochemical energy storage company that has commercialized the patented Vanadium Redox Battery Energy Storage System ("VRB-ESS"). The VRB-ESS is a new enabling technology that can effectively store electricity on demand. The VRB-ESS can provide direct economic benefits to utilities and end users in terms of improved power quality, reliability and energy efficiency. The VRB-ESS is particularly well suited to load levelling (peak shaving), electrical power arbitrage, grid stability enhancements, capital deferment and Remote Area Power Supply (RAPS) applications. It is primarily focused on stationary power sources such as utility substations, commercial buildings, production facilities, telecommunication operations, cellular radio sites, and renewable resource generation such as wind farms - creating the ability to provide "firm" capacity. As a "green" technology, the VRB is characterized by the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on toxic substances such as lead, zinc or cadmium. VRB Power is publicly listed on the TSX Venture Exchange ("VRB") and the OTC Pinksheets ("VRBPF").
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