ELCORA ADVANCED MATERIALS Acquires Moroccan Vanadium Exploration Company
November 24 2021 - 6:00AM
ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM
| OTCQB – ECORF), (the "Company" or
"Elcora"), is pleased to announce it has acquired STE
ERMAZONE.A.R.L (“ERMAZONE”) which includes ten (10) Vanadium
licenses/concessions sites in Morocco. This strategic acquisition
supports Elcora’s plan to enhance both its mining and energy
storage solutions by adding additional markets related to battery
technologies.
Elcora’s methodology in processing along with
mining and battery experience creates an opportunity to leverage
battery metals and minerals critical to energy storage
applications. Vanadium’s role in the growing energy grid storage
will increase dramatically over the coming years, enabling wider
use of renewable power such as wind and solar. According to the
latest (BNEF) forecast, energy storage installations around the
world will multiply exponentially, from a modest 9GW/17GWh deployed
as of 2018 to 1,095GW/2,850GWh by 2040. Furthermore, the U.S. Biden
administration has also pledged to deploy 1050-1570 gigawatts of
solar power by 2050 and over 30,000 megawatts of offshore wind in
the United States by 2030, therefore the need for energy storage is
crucial.
Vanadium flow battery (VFB) is a type of
rechargeable flow battery that employs vanadium ions in different
oxidation states to store chemical energy currently used for grid
energy storage attached to power plants and electrical grids. Roll
out of large-scale vanadium flow batteries are underway across the
globe, with many others being planned or under construction.
Securing a strong supply of quality vanadium minerals will be key
to the growth of energy storage solutions.
Because of this, Elcora is pleased to broaden its scope to
supply materials and applications associated with battery
technologies. Vanadium-based cell chemistries hold the promise to
resolve persistent problems associated with large-scale energy
storage.
Commented Troy Grant, CEO, “Elcora is devoted to unlocking the
full potential of solar and wind through large-scale energy storage
capacity. Like other minerals and metals needed for li-ion
batteries, the thriving renewable industry will accelerate demand
for high quality vanadium. Elcora will commence trial production to
obtain sufficient material for a production process test run.”
Advantages of vanadium flow batteries (VFB):
- The main
advantages of the vanadium flow battery are that it can offer
almost unlimited energy capacity simply by using larger electrolyte
storage tanks. [1]
- VFBs can be left
completely discharged for long periods with no ill effects.
[1]
- If the
electrolytes are accidentally mixed, the battery suffers no
permanent damage and is inherently safe and non-flammable. [1]
- VFBs exhibit
very long cycle lives: most producers specify cycle durability
above 15,000-20,000 charge/discharge cycles. These values are far
beyond the cycle lives of solid-state batteries, which are usually
in the order of 4,000-5,000 charge/discharge cycles.
- Consequently,
the levelized cost of energy (LCOE) of present VFB systems is
typically in the order of a few tens of $ cents, much lower than
the LCOEs of equivalent solid-state batteries and close to the
targets of $0.05 stated by the US Department of Energy and the
European Commission Strategic Energy Technology. [2]
- Because of their
large-scale storage capacity, deployment of VRBs will increase the
use of wind, solar, and other renewable, intermittent power
sources.
1. UniEnergy Technologies
Products Accessed 21 Jan 2019.2. Spagnuolo, G.;
Petrone, G.; Mattavelli, P.; Guarnieri, M. (2019). "Vanadium Redox
Flow Batteries: Potentials and Challenges of an Emerging Storage
Technology". IEEE Industrial Electronics Magazine. 10 (4): 20–31.
doi:10.1109/MIE.2016.2611760. hdl:11577/3217695. S2CID
28206437.
Terms of Acquisition
In consideration for the purchase of 100% of the
outstanding securities of ERMAZONE, the Company has agreed to pay
consideration as follows: (i) USD$500,000 cash; (ii) 4,500,000
common shares (the “Shares”) of the company; and
(iii) $10,000 to be paid in remuneration at the end of each month,
for a period of three years, or until the end of the employment
period.
All Shares issued pursuant to the acquisition
are issued at a deemed price of $0.11 per share and will be vest at
a rate of one thirty-sixth at the end of each month, over a period
of three years. The Shares will be subject to a minimum hold period
of four months and one day from the date of issuance.
The acquisition is subject to customary closing
conditions, including final acceptance from the TSX Venture
Exchange.
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been
structured to become a vertically integrated battery material
company. Elcora can process, refine, and produce battery related
minerals and metals. As part of the vertical integration strategy
Elcora has developed a cost-effective process to purify
high-quality battery metals and minerals that are commercially
scalable. This combination means that Elcora has the tools and
resources for vertical integration of the battery minerals and
metals industry.
For further information please visit the
company's website at:
http://www.elcoracorp.com
For further information please contact: Troy
Grant, Director, President & CEO, Elcora Advanced Materials
Corp., T: +1 902 802-8847
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this
release. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock Exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This News Release includes
certain “forward-looking statements”. All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization
and reserves, exploration results, and future plans and objectives
of Elcora, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause
actual results to differ materially from Elcora’s expectations are
exploration risks detailed herein and from time to time in the
filings made by Elcora with securities regulators.
Investors are cautioned that, except as
disclosed in the filing statement prepared in connection with the
transaction, any information released or received with respect to
the transaction may not be accurate or complete and should not be
relied upon.
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