Multicom has identified the energy storage industry as a potential growth market to further the supply of vanadium through its use in vanadium redox flow batteries (VRFB).
The long-term aspiration of the Group is to develop a vertically integrated solution for vanadium products, under the following corporate structure:
Multicom intends to explore, develop and extract vanadium from the Projects. Once it has completed all three of these stages, the commercial strategy is to sell vanadium to off-take partners.
Freedom Energy is a wholly owned subsidiary of Multicom with the intention to provide the distribution channel across the Asia Pacific region for VRFBs
Supporting its business strategy, Multicom and Freedom have entered into an agreement with StorEn Technologies, a US based VRFB company specifically targeting energy storage across the residential and telecommunications sectors.
Multicom will provide the vanadium to StorEn Technologies, and a joint venture entity will produce VRFBs. Freedom Energy will sell and distribute the proprietary StorEn VRFB’s in the Asia Pacific region.
Concept level studies, undertaken by Downer Engineering, have commenced in relation to a proposed manufacturing site in Townsville, North Queensland.