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PROTEAN ENERGY LIMITED

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Protean’s V-KOR technology receives AU$3.0M* project commitment for Korean vanadium battery project

ASX Announcement 19 September 2018 


  • KORID Energy, a 50% owned Protean Energy subsidiary, has received a AU$3.0M project funding commitment from the Korean Institute of Energy Technology Evaluation and Planning (KETEP). 
  • The $AU3.0M funding commitment forms part of a larger AU$9.7M project being undertaken by KETEP to demonstrate the most efficient vanadium battery solution, for eventual mass-production in South Korea. 
  • The trial will fund the provision of Protean’s patented V-KOR stack technology for KETEP’s 1MW/4Wh vanadium redox flow battery project, which is anticipated to run for 96 months. 
  • KORID Energy was selected ahead of a field of other companies offering similar technology as a result of its leading V-KOR stack technology, which has a 250% higher power output when compared to other Korean competitors. 
  • Additional IP developed through the project will be available to KORID Energy, such as improvements to stack technology resulting from the project, superior current stack power density and improved cost assembly processes.

Protean Energy Ltd (Protean) is pleased to announce that KORID Energy, a 50% owned Protean subsidiary, has received a project funding commitment of AU$3.0M to install and run its patented V-KOR stack technology as part of a AU$9.7M vanadium battery project in South Korea. 

The Korean Institute of Energy Technology Evaluation and Planning (KETEP) has administered the project and the grant, where the patented V-KOR stack technology will be integrated with a 1MW/4Wh vanadium redox flow battery (VRFB). 

The V-KOR stack technology is an energy storage system that stacks a series of repeating cell frames to form a number of cells within the overall battery stack - improving battery performance and lowering manufacturing costs, compared to conventional VRFB technology.

* The funding arrangement is to be provided in Korean Won, for the purposes of this release the exchange rate at 18/09/2018 of 1KRW:0.0012AUD is used

KETEP reviewed several VRFB producers in the space and selected V-KOR’s stack technology for the project, which will bring together a number of leading energy industry stakeholders to demonstrate the most efficient vanadium battery solution. 

Protean Chairman Mr Bevan Tarratt said “KORID Energy’s selection for such a nationally significant project in South Korea was further validation of the considerable technological advancements it had made in recent times. We are very pleased to have been awarded the role ahead of such a strong field of energy storage competitors, in a country so focused on the sector”. 

The KETEP project will measure eight key performance specifications; stack output, stack power density, electrolyte cost, electrolyte temperature range, battery round trip efficiency, battery life cycles, ESS (energy storage systems) substantiation utilisation rate and total ESS footprint. 

Other project participants include CHEMTROS, an electrolyte manufacturer, and EKOS, which will provide power conditioning (see figure 1). 

KORID Energy will benefit directly from the project, which will enable the execution of further product improvements to scale the manufacturing and assembly process of V-KOR, particularly its 25kW stack (see figure 2). 

The project is aiming to double the energy density of vanadium electrolyte, which could significantly reduce the physical footprint of the V-KOR battery solution. 

The improvements to the 25kW could lead to substantial cost reductions as well as an enhanced assembly process - a key part of the KORID Energy’s commercialisation strategy for large-scale utility applications, such as commercial and industrial use

Click here to view the full announcement

V-KOR Vanadium Battery Successfully Achieves First Australian Electricity Grid Integration

ASX Announcement 22 August 2018 


  • 25kW/100kWh V-KOR vanadium battery successfully integrated with the Western Power electricity grid at OzLinc Industries trial site in Perth, for its first Australian grid connection deployment. 
  • Valuable data from the OzLinc trial will help optimise the V-KOR battery within hybrid grid systems incorporating solar PV, wind turbines, gas or diesel power generators.
  • Opportunity for network providers to save millions of dollars by utilising V-KOR battery as an electricity network solution. 
  • Protean is continuing to receive enquiries regarding its V-KOR battery and progresses towards commercial orders.

Protean Energy Ltd (Protean or the Company) is pleased to announce an update to the 25kW/100kWh V-KOR vanadium battery deployment at the OzLinc Industries site in O’Connor (Perth, Western Australia).

The local network operator (Western Power) has provided approval for the battery to be connected to the network. The deployment will be used to demonstrate the V-KOR vanadium battery capability to future customers, and to collect data to help refine product configurations for grid connected batteries.

To date, the OzLinc Industries deployment has been used in a micro grid situation (isolated from the main electrical grid), in combination with a 21kW solar PV system and a 21kW diesel generator.

Protean plans to further demonstrate the capability of the complete Battery Energy Storage Solution (BESS) via developing a number of Australian projects as part of our roadmap to large scale grid installations.

The V-KOR vanadium battery is a key enabler for peak shaving and renewable energy utilisation, designed to be used in conjunction with solar systems, wind turbines and natural gas generators. The V-KOR vanadium battery allows customers to utilise more of their own renewable energy by storing excess solar or wind energy for use at selected times of the day.

The battery can also be used to store off peak energy from the grid, for use in peak periods. Protean sees future commercial opportunities for the V-KOR vanadium battery particularly for:-

  • Network Operators – Potential efficiency gains in network augmentation by utilising V-KOR battery as an electricity network solution. 
  • Commercial & Industrial Market - Reduced peak demand charges, and increased selfsupply using low cost renewables for C&I customers. 
  • Renewable Energy Farms - Firming of large scale renewable energy intermittency.

Mr Na, Chief Technical Officer for KORID Energy said: “The Perth trial allows refinement of ancillary battery functionality as part of our development roadmap. It also serves to build familiarity with future customers. The V-KOR battery is progressing towards full commercialisation for the Australian market and our technology will assist network providers to offer lower electricity costs to their customers. We are encouraged by the size of the market opportunity for vanadium batteries in Australia and the enquiries we have had from land developers, major commercial customers and recent discussions with the electricity network provider. The time is right for our battery technology and we are strategically positioned to capitalize on a rapidly expanding battery storage market in Australia and globally.”

Click here to view the full announcement

Completion of p-XRF Program, Targeting Significant Vanadium Resource Upgrade

ASX Announcement 17 August 2018 


  • Finalisation of Phase 2 p-XRF assaying program targeting a significant vanadium resource upgrade across the 8.3km strike length of the deposit 
  • Total of 85 holes assayed through Phase 1 and 2 testing programs 
  • Mineral resource estimation underway to aiming to increase the interim resource estimation released on 4 July 2018 
  • Upon completion of the global resource Protean will advance to test Daejon ore through access granted to the multi-million dollar pilot plant.

Protean Energy Ltd (Protean or the Company) is pleased to announce that the 85 hole p-XRF assaying program targeting the entire 8.3km strike length of the vanadium/uranium mineralisation, hosted within the Daejon shale has been completed.

The finalisation of this program enables the estimation of a final JORC (2012) resource over the entire strike length of the deposit, which will expand on the interim resource released on 4 July 2018 which was estimated across 40% of the deposit.

Results from the final mineral resource estimation are expected within Q3 2018.

ABOUT PROTEAN ENERGY LIMITED (ASX: POW) 

Protean Energy Limited is an energy company focused on the commercialisation of vanadium battery energy storage systems. The Company is also developing a multi‐mineral project in South Korea through its 50% holding in Stonehenge Korea Limited (SHK). SHK is a JV company with two KOSDAQ-listed industry partners being DST Company Ltd (DST) [formerly KORID] and BHI Co Ltd (BHI). SHK owns 100% of the rights to 3 projects in South Korea, including the Company’s flagship Daejon Vanadium Project.

Click here to view the full announcement

Specialist New Energy Expert to advance V-KOR Battery Development & Commercialisation

ASX Announcement 13 August 2018 


  • Scott Davis to advise Protean on its battery development and commercialisation program
  • Mr Davis led the introduction of a location based renewable energy buyback tariff for regional Western Australia together with the introduction of generation management requirements for solar and batteries – a 1st for Australia 
  • Mr Davis led innovation in the design of power purchase agreements to facilitate significant cost reductions, balance sheet benefits, and more effective management of customer demand and renewable energy integration 
  • 20+ years’ experience across the electricity and resource sectors in Australia, Canada, Southeast Asia and the Solomon Islands 
  • Mr Davis led an innovative project that was awarded joint winner of 2017 Clean Energy Council Innovation Award

Protean Energy Ltd (Protean or the Company) is pleased to advise that Mr Scott Davis has been engaged to help accelerate the Company’s battery development and commercialisation program.

Mr Davis is an energy industry expert with significant experience in product development, sales and marketing and market reform roles in the electricity sector. Mr Davis has a particular depth of expertise in energy systems modelling, electricity pricing and integration of renewable energy into isolated power systems.

While with Horizon Power (Western Australia’s largest regional electricity supplier), Mr Davis led a program of work to respond to the impact of new technology and business models on the electricity value chain. As Project Director, Mr Davis engaged with customers, industry bodies, State Treasury and the Public Utilities Office to provide strategic insights to the Minister for Energy and the Horizon Power Board on a range of significant issues. The project was joint winner of the Clean Energy Council Innovation Award, and winner of the Australian Utility Innovation Awards - Customer Engagement Award.

Mr Davis holds a master’s degree in renewable energy from Murdoch University, an engineering degree from University of NSW, and has been an innovator in the commercialisation of renewable energy technologies and development of new energy products. He has extensive experience in working with industry and key stakeholders in creating projects that integrate renewable energy technologies into power systems and edge of grid environments.

Protean is particularly pleased to have secured Mr Davis’s experience in product development and innovation. His unique skills, experience and professional relationships will add vital impetus, credibility and know-how to the Company’s battery technology commercialisation strategy.

Mr Davis said, “I am delighted to be teaming up with Protean to help drive the development and commercialisation program for the vanadium flow battery technology. I believe that flow batteries will play an important role in the new energy mix, and that Protean have a real opportunity to deliver a unique battery product to the market”.

Click here to view the full announcement

Protean, via its 50% interest in Stonehenge Korea Ltd (SHK) is advancing a unique suite of vanadium/uranium projects in Korea

Daejon (22.8km2) is Protean's flagship asset with further exploration ground held at Miwon (16.6km2) and Gwesan (24.8km2). Daejon is a unique sediment hosted shale/slate bed vanadium project which has the potential to produce high purity vanadium pentoxide (V2O5). Approximately 5% of vanadium mineral occurrences are sediment hosted and 95% are magnetite hosted (as discovered in Western Australia, South Africa etc.)

The project has access to 36,000m of historical untested drill core which was drilled by the Korean Government in the 1970's and early 1980's. The drill core was not systematically assayed for Vanadium. Protean is currently undertaking non-destructive pXRF testing of mineralised sections of the core.

As at June 2018, the interim vanadium/uranium Mineral Resource estimated across 40% of the known Daejon mineralisation strike length, representing a significant increase to the existing vanadium 2013 mineral resource.

Combined Mineral Resource Estimate (JORC 2012) of 37.1 Mt @ 3,000ppm V2O5 (2,000ppm cut-off) and 120ppm U3O8 defined for a total of 248 Mlbs V2O5 and 10 Mlbs U3O8.

- Indicated 3.4 Mt @ 3,500ppm V2O5 and 150ppm U3O8
- Inferred 33.7 Mt @ 3,000ppm V2O5 and 120ppm U3O8


The Mineral Resource estimation follows the completion of Phase 1 of the comprehensive p-XRF calibration and assaying program being conducted at the Daejon deposit. Daejon shale hosted deposit similar in nature to the neighbouring Chinese "stone coal" deposits which display grades ranging from 0.13% V2O5 to 1% V2O5.

Stone coal vanadium deposits represent approximately 47% of the world vanadium production in 20171 and are the world's primary source for high purity V2O5 electrolyte used in electricity storage applications.

Chinese stone coal deposits are amenable to beneficiation processes including selective flotation and magnetic separation methods, which are successfully being used to achieve an average 300% upgrade2.

Protean is targeting the South Korean domestic vanadium market which totals 17 million pounds per annum via offtake supply agreements through our strategic Korean partner.

The Daejon Vanadium Project

The Daejon Vanadium Project is relatively unique among the majority of Vanadium deposits in the world as it is a sediment hosted deposit. Only around 5% of vanadium occurences are sediment hosted, with the vast majority being magnetite hosted, which is generally more difficult and costly to extract. Being sediment hosted, the Daejon vanadium is potentially well suited to produce high quality vanadium pentoxide (V2O5), which is a key precursor material required to produce the liquid electrolyte that powers a vanadium redox flow battery (VRFB).

The Company previously explored the Daejon vanadium project area for both uranium and vanadium, with this work culminating in the definition of both uranium and vanadium Mineral Resources. In 2012 and 2013, the Company undertook a significant body of work to understand the metallurgy and processing options for the deposit, primarily in pursuit of uranium to supply the Korean nuclear power sector. The encouraging results were outlined in a presentation to the Australian Uranium and Rare Earths Conference released to the ASX in July 2013.

WWW.PROTEANENERGY.COM

OUR TEAM


Mr Wayne Loxton

Technical Director

Mr Loxton has experience spanning 30 years including formulating project development strategies, completing feasibility studies, conducting due diligence, executing capital raisings, mergers, acquisitions, asset divestments and introduction of best practices. In the resource sector Mr Loxton has corporate and operational experience in gold, base metals and bulk commodities incorporating both underground and open-pit mining operations. Mr Loxton has been involved in numerous project evaluations within Australia and overseas including the completion of strategic and commercial due diligence studies, bankable feasibility studies, project construction and the negotiation of offtake agreements. Mr Loxton has been directly involved in Perilya Ltd, Allied Gold Ltd and Zapopan NL.


Mr Bevan Tarratt

Executive Chairman

(B.Com). Mr Tarratt has an extensive background in the accounting and financial services industries having worked in various local accounting and broking firms for the past 10 years. He is a former director of Pura Vida Energy NL an Australian-based African oil explorer listed on the ASX. In addition Mr Tarratt has a comprehensive practical business background having owned various medium sized retail businesses


Mr Young Yu

Non-Executive Director

(B.Bus, MBA, CPA). Mr Yu is an experienced professional businessman with private and public sector experience in finance, consulting, trade and international business in both Australia and Korea. He is a Certified Practising Accountant and holds a Bachelor of Business (Accounting) Degree and an MBA from Curtin University in Western Australia. Mr Yu worked as the Trade Commissioner to the Australian Trade Commission within the Australian Embassy in Seoul, Korea and was responsible for Mineral & Resources, Industrial and Investment sectors since 2008. He was the Regional Director / Representative for the Western Australian Trade and Investment Office in Seoul, Korea for four years since 2004.



Mr David Wheeler

Non-Executive Director

Mr Wheeler has more than 30 years executive management experience, through general management, CEO and managing director roles across a range of companies and industries. He has worked on business projects in the USA, UK, Europe, New Zealand, China, Malaysia, and the Middle East (Iran).


WWW.PROTEANENERGY.COM


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