South Africa : COOPERATION on VRFB feasibility inked by Bushveld Energy, IDC.
Bushveld Minerals recently formed subsidiary, Bushveld Energy, is a near to its aim of developing market opportunities for vanadium-redox flow batteries (VRFB) in South Africa, as it collaborates with development finance institution the Industrial Development Corporation (IDC) to decide the economic viability of VRFB.
A cooperation agreement was inked by the duo that would see the commissioning of a feasibility study to assess VRFB viability and costs in the South African market, together with studies of the market potential for VRFB systems across the continent.
Bushveld Minerals CEO Fortune Mojapelo in an update to shareholders said, Africa's insufficient power infrastructure and rapidly growing electricity demand create a unique environment for immediate, mass-scale adoption of energy storage across a variety of use cases.
He added, The agreement demonstrates support for our vision of the potential for VRFB technology and underscores the opportunity for South Africa to beneficiate its mineral resources further through the development of new industrial opportunities.
Preparations were by now in progress by the parties to outline the respective scopes for the market, in addition to technoeconomic studies for the local manufacturing of vanadium electrolyte and VRFB system manufacturing in South Africa.
Bushveld and the IDC were in addition considering the establishment of two VRFB verification sites of up to 1 MW each to show performance of the technology and its use in commercial and utility applications.
The agreement in addition comprised the identification of potential local and foreign partnerships for the roll-out and local manufacturing of VRFBs.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Jun 14, 2016|
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