VRB Power Publicizes Settlement for China's Largest Solar Battery; A 100 MW solar and storage mission in Hubei Province – GlobeNewswire

BEIJING and VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) – VRB Energy Chairman Robert Friedland and Chief Executive Officer Dr. Mianyan Huang are We are pleased to announce a framework agreement for an integrated power plant project with 100 megawatts (MW) solar photovoltaics (PV) and 100 MW / 500 MWh vanadium flow battery in Xiangyang, Hubei Province.

The agreement also includes the construction of the first 50 MW per year of a new VRB-ESS® "Gigafactory" production facility with 1,000 MW per year and a research and development institute for intelligent energy (R&D) for vanadium flow batteries.

The agreement was signed by Xiangyang City Government, Hubei Pingfan New Energy, Xiangyang State High-Tech Capital Investment and Operation Group, and VRB Energy at a ceremony on March 4th. The first 40 MW / 200 MWh VRB-ESS® and 50 MW per year of production will start construction in May 2021.

"This project is a massive catalyst for VRB Energy's global growth and further demonstrates that we are developing the very best technologies to support the global green energy revolution," said Friedland.

"China wants to install over 1,000 gigawatts (GW) of new solar PV and wind turbines by 2030 and is not alone in decarbonising and" greening "its power grids. Both the US and the European Union value renewable energy solutions : Energy storage remains a key challenge in the mass adoption of renewable energy and we are very proud to be a leader in developing innovative solutions at VRB, ”added Friedland.

The project builds on the success of a "PV + VRB" project of 3 MW PV and 3 MW / 12 MWh VRB-ESS® in Xiangyang, which was carried out with Pingfan New Energy in 2019 and the business model and technology were ideal for the Integration of confirms the daily cycling of solar PV on utility grids.

Dr. Huang found that Hubei Province has abundant natural resources, outstanding industrial advantages, and an excellent business environment.

"This is a unique opportunity for the vanadium flow battery industry to expand. We applaud the government's plans to support the development of a world-leading vanadium energy storage cluster worth $ 14 billion," said Huang.

VRB Energy's 100 MW project in Hubei is one of a growing number of 100 MW flow battery projects being prioritized in China as part of national energy storage policy and accelerated infrastructure investments to support economic growth after Covid. In addition, the provinces from Xinjiang to Shandong now require that at least 5% to 20% energy storage with new solar and wind power development be installed.

Beyond China, the company has announced that it is in discussions with numerous developers and utility companies in the US, Australia and South Africa about 100 MW class PV + VRB projects. Developers and energy providers are drawn to the low energy costs (LCOE) that VRB-ESS® delivers. With no cycle limits and no degradation of the vanadium electrolyte, they are ideally suited for the daily “high-performance cycle” required for solar and solar energy, wind integration into supply networks.

About VRB Energy

VRB Energy is a rapidly growing, privately held innovator in clean technology. The company has developed the most reliable and longest lasting vanadium flow battery in the world, with more than 30 megawatt hours installed and built worldwide and more than 800,000 hours of demonstrated performance. The combination of VRB Energy's proprietary low-cost ion exchange membrane, long-life electrolyte formulation and innovative flow cell design sets the company apart from other suppliers.

The vanadium redox battery (VRB®) systems from VRB Energy store energy in liquid electrolytes using a patented process based on the reduction and oxidation of ionic forms of the element vanadium. This is a nearly infinitely repeatable process that is safe, reliable, and non-toxic. Components can be almost 100% recycled at the end of their life, which significantly improves the life cycle economy and environmental benefits compared to lithium-ion and other types of batteries.

VRB Energy is majority-owned by High Power Exploration (HPX), a North American mineral exploration and development company that also invests in mineral-dependent, high-growth emerging technologies. HPX is a subsidiary of I-Pulse, a global leader in developing innovative commercial applications for pulsed energy technologies that convert small amounts of electrical energy into limitless power to address a wide and growing range of applications in multiple industrial markets. I-Pulse is a privately held company with offices in Toulouse, London, Tokyo and Vancouver.

For more information on VRB Energy, HPX and I-Pulse, please visit our websites at www.vrbenergy.com, www.hpxploration.com and www.ipulse-group.com.

Corporate contacts

Jim Stover
jim.stover@vrbenergy.com
+1 604 648 3900

Charles Ge 葛启明
charlesge@vrbenergy.com
+86 186 7010 7777

Media contacts

Matthieu Bos
matthieub@ivanhoe.net
+44 20 7591 1120

Matthew Keevil
matthewkeevil@ivancorp.net
+1 778 239 3207

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