American Vanadium Offers Finance and Lease Options for Cellcube Energy Storage and Microgrid Systems
June 24, 2013 — (Source: Accesswire) — AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTCQX: AVCVF) announces it now has arranged with one of America’s leading equipment finance institutions to offer financing and leasing facilities for the CellCube energy storage systems as well as integrated microgrid solutions. With over 50 systems installed globally, the CellCube is the world leading vanadium redox flow battery, capable of scaling to multi-hour and multi-megawatt size.
“This leasing program will allow customers in America to install our commercially available, CellCube vanadium redox flow batteries based on their operating budget so they can have a world leading energy storage system without the barrier of the upfront capital cost,” stated Bill Radvak, President & CEO of American Vanadium. “Given that the CellCube already has a low levelized cost of energy due to the unlimited number of deep cycling over the twenty year battery life, this new leasing option provides a very competitive option for multi-hour, multi-megawatt energy storage for the integration of renewable energy, microgrid operations and mission critical facilities.”
The CellCube, manufactured by Gildemeister, is a powerful, durable and by low maintenance vanadium redox flow battery that can be incorporated into everyday energy systems. This battery system has a modular design with the energy and power units being completely independent, making it truly scalable to multi-hour and multi-megawatt size. These storage systems will deep cycle (100%) an unlimited number of times during their twenty-year life. The CellCube ensures a clean, emission-free energy supply at all times, characterized by high reliability, high stability and very fast reaction times.
About American Vanadium Corp.
American Vanadium has entered into a master sales agreement with GILDEMEISTER energy solutions to market and sell the CellCube vanadium redox flow batteries in North America. 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 vanadium electrolyte for the energy storage industry, as well as vanadium products for the steel and alloying industries.
A positive Feasibility Study and updated National Instrument 43-101 on the Gibellini Project were completed by AMEC E&C Services in 2011.
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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”.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
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, 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. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Statements contemplating or making assumptions regarding actual or potential sales, market size and demand, prospective business contracts, customer orders or trends in the energy storage market constitute forward looking statements. Our actual results may differ from those indicated in forward looking statements as the energy storage and renewable energy generation business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for energy storage and other risks. 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>