ASX-listed TNG has established a vanadium redox flow battery (VRFB) business as part of its vertical integration strategy for its Mount Peake vanadium/titanium/iron project, in the Northern Territory.
“The VRFB market represents an exciting opportunity for the company to further expand into the green energy sector and diversify the Mount Peake product portfolio with the future production of high purity vanadium electrolyte,” said TNG MD and CEO Paul Burton.
“Given that we are now at a very advanced stage of pre-development planning for Mount Peake, the timing is right to advance our VRFB strategy in order to capitalise on the growing momentum for alternative energy solutions that can reduce greenhouse emissions.
“The development of the VRFB business is an extension of our positioning as a resource and mineral processing technology company, underpinned by the 100%-owned TIVAN processing technology to be used at Mount Peake.”
Burton said that the potential development of VRFB’s using Mount Peake vanadium electrolyte, along with a recent agreement inked with engineering partner group SMS to develop a hydrogen production technology, marked another step towards realising TNG’s vision of establishing the company as a sustainable resource company and providing maximum benefit to shareholders.
Burton said that TNG will work with both state and territory governments, and will be seeking support from the federal government agencies, to identify suitable sites to roll out VRFBs.
A steering committee has been established to oversee the development of TNG Energy, which will be chaired by Burton. Work will start on the project immediately, with initial focus being on the completion of a commercial, marketing and technical implementation strategy for the VRFB business under TNG Energy.
Burton said that the long-term strategy was to develop TNG Energy to a point where it could potentially be spun-off to maximise shareholder value.
TNG’s primary focus will remain on completing the design, engineering and pre-development planning for the Mount Peake project, as it progresses towards a final investment decision.