Corporate Release
PRESS RELEASE
AMERICAN VANADIUM ANNOUNCES FIRST CELLCUBE™ VANADIUM FLOW BATTERY INSTALLATION IN NEW YORK
NYSERDA Partners for Commercial Demonstration of Energy Storage at MTA Headquarters at 2 Broadway in Downtown Manhattan
AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTCQX: AVCVF) announces it will partner with the New York State Energy Research and Development Authority (NYSERDA) to demonstrate the CellCube™ vanadium redox flow energy storage system. The Metropolitan Transportation Authority (MTA) and the New York City Transit (NYCT) Office of Strategic Innovation and Technology will host this demonstration at the MTA’s Energy Star Certified facility at 2 Broadway in downtown Manhattan. ConEdison and the Advanced Energy Research Technology Center (AERTC) at Stony Brook will also support this effort.
This demonstration is intended to augment existing successful facility energy management measures at the MTA’s 1.6 million square foot office building. The CellCube™ batteries will complement an automated demand response system developed for the building by Lawrence Berkley National Laboratory and previously funded by NYSERDA. The project will demonstrate how vanadium flow battery technology, capable of multi-hour and multi-megawatt energy storage, can enable NYC commercial buildings to be “smarter” about how and when they use energy, and provide resiliency in times of need.
“New York is clearly creating a leading energy storage marketplace and the knowledge gained from this demonstration will help realize gains in building and grid energy efficiency, save money for electric ratepayers and, importantly, add a new weapon to the arsenal of resiliency tools in the event of future grid outages,” said Bill Radvak, President & CEO of American Vanadium Corp. “As we continue the development of the only vanadium mine in the United States to provide the critical source of vanadium electrolyte for these advanced battery systems, we are honored to be working on this groundbreaking energy storage installation with the MTA, one of the largest energy consumers in the United States.”
The CellCube™ is a fully commercial energy storage system that has been sold and installed across Europe, Asia and Africa, with more than 60 systems currently in operation at customer sites worldwide. The CellCube™ system is modular and can serve loads from 10kW to multi-MWs and, as a flow battery, the system excels at providing multiple hours of energy for long-duration requirements.
Dr. William Acker, Executive Director of the New York Battery and Energy Storage Technology consortium (NY-BEST), stated, “New York State is actively pursuing commercially ready technologies that will help grow a clean energy economy and improve the reliability, efficiency and overall performance of our electric power delivery system. This project will demonstrate the important role energy storage can play in helping consumers save money, reduce peak load demands and provide the grid serving New York with stored energy during times of shortage or disruption.”
American Vanadium is the Master Sales Agent in North America for the CellCube™ systems which are manufactured by Gildemeister. Additionally, American Vanadium controls the only vanadium deposit in the United States and, together with Gildemeister, they plan to establish CellCube™ sales and manufacturing capabilities in New York State.
About the New York State Energy Research and Development Authority
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels. NYSERDA professionals work to protect our environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, Instagram.
About the New York Battery and Energy Storage Technology Consortium (NY-BEST)
NY-BEST is a non-profit corporation established in 2010 with support from the New York State Energy Research and Development Authority (NYSERDA) to position New York State as a global leader in energy storage technology. An industry-led consortium with more than 130 members, NY-BEST's mission is to catalyze and grow the energy storage industry and establish New York State as a global leader in the energy storage industry. Visit NY-BEST on the web at www.ny-best.org.
About American Vanadium Corp.
American Vanadium is an integrated energy storage company that markets and sells GILDEMEISTER’S CellCube™ vanadium redox flow batteries in North America. American Vanadium is developing the only vanadium mine in the United States, providing a critical source of North American-sourced vanadium electrolyte for CellCube™ energy storage systems. The Company’s Gibellini Vanadium 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.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
For further information, please contact:
Dan Schieber, Director, Corporate Finance
(604) 681-8588 X 106
dschieber@americanvanadium.com
www.americanvanadium.com
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.
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Forward-Looking Statements
Forward-Looking Statements: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements with respect to obtaining shareholder approval, use of proceeds, 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.
