Mr. Jim Wall reports
CELLCUBE ENERGY STORAGE SYSTEMS CLOSES ACQUISITION OF PURE VANADIUM CORP.
Cellcube Energy Storage Systems Inc. has closed the acquisition of Pure Vanadium Corp. (announced July 18, 2017). Pure is a research and technology company involved in the development of vanadium electrolyte (VE) formulations for grid-scale electrical storage batteries. High-quality VE is a key component of vanadium redox flow batteries.
Pure holds a portfolio of licences for the production and sale of VE. Pure's licences were granted by the Battelle Memorial Institute, the operator of Pacific Northwest National Laboratory, a U.S. Department of Energy national laboratory. The acquisition of Pure supports the long-term objective of the company to become the first North American vertically integrated producer of vanadium electrolytes for the energy storage industry.
"This is an important acquisition as a part of our strategy is to refine the VE formula to make it more economical for vanadium redox flow batteries," stated Mike Neylan, chief executive officer of Cellcube. "Cellcube's acquisition of Pure will advance the relationship and continue the work with PNNL to commercialize the scientific technology PNNL has developed."
Under the terms of the acquisition, Pure will become a wholly owned subsidiary of Cellcube and the company will acquire all the assets and assume the obligations owing in connection with Pure's research and development and business operations. Cellcube will acquire all the outstanding common shares of Pure for total cash consideration of $187,000.
About Cellcube Energy Storage Systems Inc.
Cellcube's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed Cellcube and its wholly owned subsidiary, Enerox GmbH, into a leading integrated resource and energy storage company. Together with the company's recent acquisition of EnerCube Switchgear Systems Inc. (formerly Jet Power & Control Systems Ltd.) and PowerHaz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and its investment in Braggawatt Energy Inc., Cellcube is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both stand-alone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.
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