CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) is pleased to announce the closing of the acquisition of Pure Vanadium Corp. ("Pure") (announced July 18, 2017). Pure is a research and technology company involved in the development of vanadium electrolyte ("VE") formulations for grid-scale electrical storage batteries. High quality VE is a key component of vanadium redox flow batteries.
Pure holds a portfolio of licenses for the production and sale of VE. Pure's licenses were granted by the Battelle Memorial Institute, the operator of Pacific Northwest National Laboratory, a U.S. Department of Energy National Laboratory. The acquisition of Pure supports the long-term objective of the Company to become the first North American vertically integrated producer of vanadium electrolytes for the energy storage industry.
"This is an important acquisition as a part of our strategy is to refine the VE formula to make it more economical for vanadium redox flow batteries," stated Mike Neylan, CEO of Cellcube. "Cellcube's acquisition of Pure will advance the relationship and continue the work with PNNL to commercialize the scientific technology PNNL has developed."
Under the terms of the acquisition, Pure will become a wholly owned subsidiary of CellCube and the Company will acquire all the assets and assume the obligations owing in connection with Pure's research & development and business operations. Cellcube will acquire all the outstanding common shares of Pure for total cash consideration of $187,000.