Thorion Energy Limited
(formerly Ultra Power Systems)
Richmond Vanadium Technology (RVT) and Thorion Energy Limited (Thorion) have executed an agreement to form a joint alliance to develop both vanadium mining and vanadium redox flow battery manufacturing.
RVT’s investment into Thorion provides the opportunity to build a strategic partnership with an Australian battery manufacturer and participate in the global ‘renewable energy’ transition. Prior to the signing of the agreement, Thorion completed exhaustive due diligence studies across a number of Vanadium projects worldwide. From this due diligence, the Thorion Board unanimously selected RVT as their preferred battery grade vanadium supplier from our Richmond Vanadium Project in Queensland.
A formal subscription agreement was executed on 28 February 2023 for RVT to invest $3 million into Thorion to acquire 10.94% of the company.
Thorion will become a primary RVT offtake partner with the purchase of vanadium pentoxide flake and RVT will become Thorion’s preferred V2O5 supplier subject to cost, quality and timing. Under the terms of the Agreement, RVT has the right to appoint one director to the Thorion board.
Thorion, incorporated in August 2017, is a Perth based technology company with its stated purpose to “Transform Energy Technology Into Assets and Then Useful Products”. Thorion holds and develops energy-related intellectual property and has know-how in the manufacture of VRFB “modules”. Thorion’s V40 battery module is now in production at Thorion’s first “Flow Partner” located in modern manufacturing facilities based in Bibra Lake.
Thorion is Australia’s first VRFB manufacturer, with a business model focused on the design, manufacture, installation, commissioning, and maintenance of modular, integrated renewable power generation (solar and wind) and energy storage systems through a controlled network of local “flow” partners (Flow Partners). Thorion’s initial markets, both in Australia and overseas, include off-grid applications within the mining sector (such as bore pumps, exploration camps, mining villages and ultimately full mine electrification), remote communities, community batteries, residential microgrids, and the specific charging demands of the electric vehicle sector.
Thorion’s core technology is the scalable V40 battery module and a cyclone rated Standalone Power Station (SAPS). The SAPS consist of V40 battery modules, solar arrays and wind turbines. There are currently two standardised product models, the V40-SAPS and V80-SAPS.
In contrast to lithium-ion batteries, which require capital intensive manufacturing facilities and a highly trained and specialised workforce, VRFBs are composed of discrete components that can be assembled by competent workers, technicians and electricians guided by standard procedures.
For more information on Thorion, please visit https://www.thorionenergy.com.au.