Accelerate Resources (ASX:AX8) has entered into a binding heads of agreement with US-based energy storage technology company RedoxBlox to investigate strategic co-operation opportunities.
The heads of agreement will assess opportunities for the ongoing material supply, commercialisation, and deployment of RedoxBlox’s proprietary manganese-based thermochemical energy storage technology using manganese products from Accelerate’s Woodie Woodie North Project.
Under the terms of the agreement each party will explore mutually beneficial opportunities to source magnesium supply within Australia, as well as to expand downstream co-operation for the development of RedoxBlox technologies in Australia.
Under the terms of the agreement each party will explore mutually beneficial opportunities to source magnesium supply within Australia
The collaboration is structured through a phased approach with the initial term for a period of 6 months, which can then be extended for a further 6 months. Initial efforts will be focused on Accelerate’s testing and supply of manganese materials and providing results of comminution and metallurgical test work to enable RedoxBlox to complete the necessary product qualification test work in the US.
RedoxBlox will provide updates on the results of its ongoing demonstration plant test work and any resulting changes in its manganese and magnesium product specifications and volumes.
While demonstrating the applicability of the Woodie Woodie North Project to supply fit for purpose feedstock, both parties will also explore a range of other strategic opportunities working together. This includes Accelerate securing additional supply chain options for other input commodities required by RedoxBlox, and potentially co-operating on establishing scale-up and manufacturing facilities to be close to raw material supply chains.
RedoxBlox is an energy storage technology company based in San Diego, and owns the rights to the patented zero-carbon thermochemical energy storage system based on unique manganese and magnesium-based components, originally developed within leading US research universities, such as the University of Florida and Michigan State University.
RedoxBlox recently completed a US$20 million Series A funding round from a group of high profile energy market investors and energy transition focused venture capital fund.
Its patented technology offers a novel and disruptive solution for low-cost, large-scale energy storage requirements, being able to store renewable energy in a high energy density pellet bed that can then convert it to heat that can be directly used in industrial processes or used to run turbines to generate electricity when green electricity is unavailable.
The collaboration will potentially enable Accelerate to develop a tailored manganese product for the RedoxBlox process. Commercial terms of future supply agreements are still to be negotiated and remain confidential and as such no initial inflows or supply contracts arise under the agreement. Any future agreements, including any off-take or joint venture developments of Accelerate’s assets or any development of the technology in Australia will be subject to the execution of other agreements at the appropriate time.
Write to Adam Orlando at Mining.com.au
Images: Accelerate Resources Ltd
