Sparton Resources Inc.: VRB Energy Solutions Inc. Announces New and Improved Vanadium Battery, Management Changes, New Beijing Government Grant Funding
TORONTO, Aug. 25, 2020 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV.SRI) (“Sparton” or the “Company“) is pleased to announce that VRB Energy Solutions Inc. (“VRB”) reported, on August 23, 2020, that it has produced a more efficient 3rd generation vanadium battery and appointed their Chief Technology Officer, Dr. Mianyan Huang, as the new company CEO.Also announced, was the recognition of this new technological advance by the Beijing Government Committee for High and New Technology Development which awarded significant grant funding to VRB Energy for its leadership in energy storage products and technology innovation.Gen3 System UpdateVRB has completed testing of a new cell stack design that will be an integral part of its next generation Gen3 product. The patented innovation yields a 30% improvement in current density and is based on use of VRB Energy’s proprietary in-house membrane and bipole materials, as well as advancements in electrode and cell frame design optimization. These units will have a smaller footprint and achieve up to a 10% increase in overall efficiency with lower costs for VRB customers. Dr. Huang noted that this and many other improvements will enable VRB to deliver a complete energy storage system for less than forecasted lithium-ion battery pricing, and with 15-40% better levelized cost of energy (LCOE) performance.New CEOVRB’s board of directors has named Dr. Huang as its new CEO, effective July 1, 2020. Dr. Huang, currently serves as President of VRB Energy China and as the VRB Chief Technology Officer, as well as on the board of directors He is recognized globally as a leading expert in vanadium flow battery technology. He has over 20 years of experience in the industry, with 12 key flow battery material and system design patents to his credit. Dr. Huang succeeds John Wang, who is retiring from an active role, but who will remain as an advisor to the company. The VRB Board recognized his achievements in building a strong VRB international presence on top of a rapidly growing energy storage market in China. Sparton wishes him well in his future endeavours.Since joining VRB Energy’s predecessor as technology founder in 2007, Dr. Huang has led a team of scientists and engineers in developing multiple innovations, including a proprietary membrane material that outperforms other commercially available membranes in terms of both cost and efficiency. He has also established outstanding relationships with developers and owners of many large scale energy storage projects in China, and this has established VRB Energy as the leading contender for multiple 100 MW-class projects scheduled under China’s infrastructure investment program, which is being accelerated as part of post-COVID economic stimulus.Sparton is delighted with this progress and once again commends the VRB staff and management for continuing to advance VRB’s Gen3 technology development. The company looks forward to continued progress under Dr. Huang’s leadership.About VRBVRB Energy is majority-owned by High Power Exploration (HPX), a North American, minerals exploration and technology development company. HPX is a subsidiary of I-Pulse, a global leader in innovative commercial applications for pulsed power technologies to address a broad and growing suite of applications across multiple industrial markets. I-Pulse is a private company with offices in Toulouse, London, Tokyo and Vancouver.Information regarding the Company’s interest held in VRB is as follows:Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China, which is the vanadium flow battery manufacturer. Full information regarding the history of the VRB investment interest held by Sparton is in its various news releases and available at www.sedar.com in its corporate filings.The full VRB news was posted on August 23, 2020 and is available at www.GlobeNewswire.com and on VRB’s Twitter site “@Think VRB”.For more information contact:
A. Lee Barker, M.A Sc., P. Eng., P.Geol.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: [email protected] Website: www.spartonres.caUpcoming EventsNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking StatementsInformation set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.We Seek Safe Harbour