Maxtech Ventures Inc (CNSX:MVT) said Monday the company is sharpening its focus on vanadium acquisitions in North and South America to build on assets in Quebec and Brazil as well as agreements in Utah.
Vanadium redox batteries are expected to be well-suited for grid storage applications and to complement the growth in grid-scale wind and solar generation capacity, the Vancouver-based company said in a press release.
READ: Maxtech Ventures set for vanadium exploration in Brazil
In addition, China’s vanadium metal consumption is expected to increase by 30% over the next two years, according to Maxtech, citing the China Iron and Steel Research Institute.
To help advance its vanadium strategy, Maxtech is drawing on Avrom Howard, a geologist with more than 40 years of technical and executive experience. For several years, he worked in the Colorado Plateau region.
Shares of Maxtech climbed C$0.01 to C$0.16 in Monday’s Canadian trading.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
