November 17 (Renewables Now) - Stina Resources Ltd (CNSX:SQA) of Canada in acquiring compatriot research and development (R&D) company Pure Vanadium Corp as part of efforts to become the first vertically integrated producer in North America of vanadium electrolyte for the energy storage industry.
Stina, which has vanadium reserves and resources in Nevada, on Thursday announced a definitive agreement for the purchase of Pure Vanadium, a developer of vanadium electrolyte for grid-scale vanadium redox flow batteries. The deal follows the signing of a Letter of Intent (LoT) in July a review of the company's technology.
"The development of battery technology is progressing rapidly throughout the world with vanadium redox flow batteries being one of the main new technologies for grid-scale energy storage," said Stina president and chief executive Brian Stecyk. "The combination of our vanadium resources in Nevada and new applications for vanadium in battery technology will progress Stina towards its goal of being a leading vertically integrated producer of vanadium electrolyte," Stecyk added.
Stina will acquire Pure Vanadium through the issuance of 17 million Stina common shares to Pure Vanadium shareholders. The buyer will also provide CAD 250,000 (USD 196,000/EUR 166,000) to continue development and testing of Pure Vanadium's technology.
(CAD 1 = USD 0.784/EUR 0.665)