American Vanadium and Gildemeister to Join Forces to Deliver Leading Energy Storage Solutions for America
February 19, 2013 (Source: Business Wire) Vancouver, BC — American Vanadium Corp. (TSX.V: AVC) (OTCQX: AVCVF), a mining company developing its world class Nevada-based vanadium deposit, has entered into a business relationship with Gildemeister energy solutions of Germany – a part of Gildemeister group – which holds a leading position worldwide as a producer of cutting machine tools as well as integrated energy solutions for the production, storage and utilization of renewable energies. American Vanadium and Gildemeister have unveiled their memorandum of understanding to explore various joint venture and partnership arrangements with the objective of being a leading provider of energy storage and micro grid solutions in North America. Senior officials of both companies are in New York this week to meet with senior state, municipal and transit officials.
“Utilizing Gildemeister’s fully developed and commercialized CellCube energy storage system and American Vanadium’s stably priced supply of high purity vanadium electrolyte, the companies together present a unique opportunity to cooperate in the US to rapidly supply the growing energy storage and renewable energy market,” said Ron MacDonald, Executive Chairman of American Vanadium.
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“The companies will examine various business models that will allow for the rapid and economic adaption of Vanadium Redox Flow Batteries,” said Lars Möllenhoff, (Managing Director of Cellstrom GmbH, part of Gildemeister energy solutions). “We have commercialized a unique energy storage solution with our CellCube, a powerful, durable and low maintenance large scale vanadium redox flow battery that can be incorporated into everyday energy systems. Our battery system ensures a clean, emission-free energy supply at all times, characterized by high reliability, high stability and very fast reaction times.”
Gildmeister holds a leading position worldwide as a producer of cutting machine tools. The range it offers includes innovative high-tech machines and services as well as software and energy solutions. The Energy Solutions business division comprises four areas: Components, SunCarrier, CellCube and WindCarrier. Gildemeister is a globally operating enterprise; 95 domestic and international sales and service locations maintain direct contact with our customers. Some 6,466 employees contribute to the success of our enterprise.
American Vanadium is developing the only vanadium mine in the United States. The Company’s Gibellini Project, located in Nevada, is being designed to economically produce high purity vanadium products including vanadium electrolyte for the energy storage industry. American Vanadium will focus on producing vanadium electrolyte, powders, crystals and oxide pellets for premium markets such as grid scale flow battery systems, chemical and pollution control applications as well as for the aerospace and defense industries. A positive Feasibility Study and updated National Instrument 43-101 on the Gibellini Project were completed by AMEC E&C Services in 2011.
American Vanadium trades on the TSX Venture Exchange as a tier-one company under the symbol “AVC”, the OTCQX Market under the symbol “AVCVF” and the Frankfurt Stock Exchange under the symbol “0UA”.
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.
Forward-Looking Statements: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including future plans and objectives for the Gibellini Project and the energy storage business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of American Vanadium to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information includes estimates of mine production rates and mine life, revenues from future mining operations, capital and operating costs, and pay-back period. Factors that may cause actual results to vary include, but are not limited to, actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of vanadium; possible variations in reserves, grade or recovery rates; changes to capital and operating cost estimate, delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although American Vanadium has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. American Vanadium does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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