The three partners plan to commercially develop next-generation vanadium redox flow-battery technology (VRFB battery) and high-energy-density electrolyte technologies for marine propulsion applications.
Specifically, the SPV will develop a next-generation redox flow-battery stack based on a high-energy-density vanadium electrolyte that is specifically formulated for marine propulsion applications.
VanadiumCorp will contribute new flow-battery designs, a high-energy-density electrolyte formulation, manage research and development, and provide its network of manufacturing partners.
Conoship will also provide marine engineering designs to integrate the more compact redox flow-battery into the propulsion systems of marine vessels and ships.
Vega will arrange project financing, contribute fleet operations expertise, and conduct field testing of the marine battery prototype.
Project will commence shortly and definitive agreements to be reached within Q1 2021.The new battery technology seeks the decarbonization of shipping routes and in-port ship movements.
The next generation VRFB battery design and the new high energy electrolyte solves the challenge of high-energy-density not met by conventional VRFBs. Solving the energy-density challenge allows the SPV designs to scale to large capacities, deliver energy without waste heat, and vastly extend energy storage beyond lithium-ion’s typical 4-8 hour operating time, according to VanadiumCorp.
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