Margaret Lake enters into battery JV with KORID Energy
2020-01-27 08:19 ET - News Release
Mr. Jared Lazerson reports
MARGARET LAKE DIAMONDS ANNOUNCES JOINT VENTURE WITH KORID ENERGY CO. INC. FOR VANADIUM REDOX FLOW BATTERY FACTORY
Margaret Lake Diamonds Inc. and KORID Energy Company Inc., a subsidiary of DST Inc., have entered into a joint venture to construct a factory in the United States for the purpose of producing vanadium redox flow batteries and energy storage systems. Executives of Margaret Lake and KORID along with past and current officials of the State of New York met in New York for the signing of the joint venture agreement. The planned phase I capacity of the factory is 50 megawatts output and 200 megawatt-hours of storage.
Opening remarks by John Kerry and former New York Governor George Pataki are available on YouTube.
Joint venture
The joint venture grants exclusive global rights to KORID's proprietary vanadium redox battery technology, with the exception of Korea and Australia, to Margaret Lake. In addition, KORID will provide technical assistance for design, construction and operation of the factory. In consideration Margaret Lake has agreed to the following terms:
- Margaret Lake will complete a consolidation of its outstanding shares on a 1:5.468 basis, resulting in shares outstanding of 10,001,205;
- Margaret Lake will raise $5-million at a price of 25 cents resulting in an issuance of 20 million postconsolidation shares of Margaret Lake;
- KORID, DST Inc. and Protean Energy Ltd. will receive an aggregate 20 million postconsolidation shares of Margaret Lake in consideration for the exclusive technology licence and technical assistance in design, construction and operation of the factory.
The joint venture will be implemented pursuant to the terms of a joint venture agreement between the company and KORID dated Jan. 13, 2020. Implementation of the joint venture is subject to a number of customary closing conditions, including the approval of the TSX Venture Exchange. The joint venture is an arm's-length transaction under the policies of the TSX Venture Exchange.
Factory design
Preliminary factory footprint, process flow, equipment and personnel requirements have been completed by KORID for phase I of the factory with an annual output capacity of 50 MW and 200 MWh of storage.
Battery design
KORID's proprietary vanadium redox flow battery has been developed and tested over the past 10 years and is patent protected. The flow battery design allows for limitation of storage only based on the capacity of the electrolyte tanks versus the fixed capacity of lithium-ion. The battery is non-flammable and non-explosive. There is no degradation as a result of cycling, partial charging, or time with a 100-per-cent depth of discharge and projected lifetime of 20 years. Battery efficiency is currently rated at up to 80 per cent. The battery is scalable into the MW-range through simple parallel connection of multiple units. The systems are shipped in self-contained weatherproof and securely protected housing. The systems can be managed and maintained by remote or on-line maintenance through intelligent battery management. Temperature management and climate controlled containers eliminates weather impact on energy efficiency.
The battery is composed of four primary components: electrolyte tanks, cell stacks, power conversion system (including control system, communications, inverter, electrical wiring) and pumps/balance of plant equipment. The systems are designed for containerized deployment in 20- or 40-foot containers. The 40-foot design has a capacity of 100 kilowatts output, 400-kilowatt-hour capacity.
Cell stack
KORID has manufactured four cell stacks to date including 2.5 kW, five kW, 10 kW and 25 kW. KORID has developed and is currently testing a 50 kW cell stack for high-usage industrial and grid-scale utility and renewables applications.
Grid-scale mass storage
Designs have been completed for a 3.6 MW output system to meet the demand for grid-scale applications. There are a variety of applications to support both renewables and existing infrastructure as well as energy security. Placing batteries at substations or near high-demand areas reduces need for new infrastructure such as transmission lines, substation capacity and traditional power plants or hydro dams. Generated power is often wasted in the night only for a lack of battery capacity. Grid-scale energy storage systems allow for charging at night during very low demand times (off peak) and release that energy during the day during peak demand reducing the need for new transmission lines or power plants. This both increases overall efficiency and provides backup/standby power for energy security and a robust and efficient energy infrastructure.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds is a Canadian technology and strategic metals exploration company focused on construction of vanadium redox flow battery factory and vanadium exploration in the United States. The company continues to maintain an interest in its mining properties.
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