TORONTO, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") is pleased to announce that VRB Energy Inc.(“VRB”) (formerly Pu Neng Energy), has reported, on October 31, 2018, the successful commissioning of the initial 1 megawatt hour (“MWh”) vanadium-redox-battery energy-storage-system (“VRB-ESS”) module of the Phase 1, 12 MWh energy storage project in Zaoyang, Hubei Province, China.
Phase 1 is part of a larger 40 megawatt hour energy storage project awarded to VRB in 2017. (See Sparton News Release dated November 2, 2017, and Pu Neng Energy News Release dated November 1, 2017).
The VRB-ESS is being used to integrate a large solar photovoltaic system into the local electricity grid, and when Phase 1 is completed by the end of 2018, the 12MWh installation will be the largest VRB-ESS in China.
The customer, Hubei Pingfan, will immediately benefit from cost-savings on peak-hour electricity tariffs through energy arbitrage at its industrial park. By charging the VRB-ESS at hours when electricity tariff is low and then discharging that power during on-peak hours when electricity tariff is high, the customer will achieve reduced overall electricity costs.
Sparton is delighted with the progress in Hubei and commends the VRB Staff and Management for achieving this milestone in its development as the VRB-ESS supplier of choice to the overall energy storage market.
The following information regarding the Company’s minority interest held in VRB is as follows:
Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 18% of VRB Energy Inc. (“VRB”) registered in the Cayman Islands, (formerly JD Holding Inc.) which in turn owns 100% of VRB Energy System, registered in China, which is the vanadium flow battery manufacturer. Full information regarding the history of the VRB investment interest held by Sparton is in its various news releases and available at www.sedar.com.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng., P.Geol.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762; e-mail: email@example.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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