TORONTO, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") is pleased to announce that VRB Energy Inc. (“VRB”), in which the Company holds a significant indirect interest, reported, on January 11, 2019, the final commissioning of Phase 1 of the 40 Megawatt Hour (“MWh”) vanadium-redox-battery energy-storage-system (VRB-ESS®) at Zaoyang, Hubei Province, China, with a 3 MW/12 MWh storage system commencing operation.
Phase 1 is part of the larger 40 Megawatt Hour energy storage project awarded to VRB in 2017 with construction beginning in 2018. (See Sparton News Release dated November 2, 2018, and VRB Energy News Release dated November 1, 2018).
The VRB-ESS is being used to integrate a large solar photovoltaic system into the local electricity grid, and the current 12Mwh installation is the largest VRB-ESS® built in China to date.
Building on the valuable experience gained from the execution of this project, VRB, the project investor, and all parties involved in the construction activities, are working closely in pursuing additional 100MW-class vanadium redox battery storage projects in Hubei, China.
These projects would help to fulfill a key initiative under China’s 2017 energy storage policy published by the National Development and Reform Commission – the macroeconomic management agency under the Chinese State Council that has broad administrative and planning control over the Chinese economy.
This initiative provided a directive to deploy multiple 100 MW-class vanadium flow batteries as part of broader efforts to increase renewable energy use, lower emissions and improve efficiency in the electricity sector.
Sparton recognizes the significant progress in Hubei and once again commends the VRB Staff and Management and their technical and financial partners for achieving this new milestone. The success and continued further development of these projects will continue to brand VRB as the supplier of choice for vanadium flow batteries to the overall energy storage market.
The full VRB January 11, 2019 News Release is available on the Company website at www.spartonres.ca, and on the VRB Energy Website at www.vrbenergy.com.
The following information regarding the Company’s minority interest held in VRB is as follows:
Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 18% of VRB Energy Inc. (“VRB”) registered in the Cayman Islands, which in turn owns 100% of VRB Energy System, registered in China, 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.
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: info@spartonres.ca
Neither 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 Statements
Information 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
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/54c58103-046a-4ea6-9846-d3e3c667bc93
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