Protean Energy begins work on vanadium battery project through South Korean subsidiary
Thursday, 29 November 2018 Protean Energy Ltd’s (ASX:POW) 60%-owned subsidiary KORID Energy has started work on a 1 megawatt/4 megawatt-hour vanadium redox flow battery (VRFB). The battery is being constructed in conjunction with the Korean Institute of Energy Technology Evaluation and Planning (KETEP) to demonstrate the most efficient vanadium battery solution for eventual mass production in South Korea. It will also serve as a basis for developing an industry standard for vanadium batteries in Korea. KORID recently received a funding commitment of $3 million from KETEP to install and run its patented V-KOR stack technology as part of the overall $9.7 million vanadium battery project. READ: Protean Energy secures controlling stake in Korean vanadium-focused subsidiary The V-KOR stack technology is an energy storage system that stacks a series of repeating cell frames to form a number of cells within the overall battery stack. This improves battery performance and lowers manufacturing costs compared to conventional VRFB technology. KORID is developing the battery stack technology for large-scale electricity grid battery installations and considers the start of work a significant milestone. READ: Protean Energy enters agreement to optimise processing and production of Daejon vanadium Protean is focused on the commercialisation of its V-KOR vanadium battery energy storage systems and holds a multi-energy mineral project in South Korea through its 50% holding in Stonehenge Korea Limited. Stonehenge is a joint venture company with KOSDAQ-listed DST Co Ltd and owns 100% of three projects in South Korea, including the Daejon Vanadium Project.
South Korea's top court has ruled that Japan's Mitsubishi Heavy Industries must compensate 10 South Koreans for their forced labor during World War Two, a ruling that drew an immediate rebuke from Tokyo. Michelle Hennessey reports.
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