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Vanteck Technology Corp. announces energy storage system installation in western U.S.

VANCOUVER, May 29, 2002 — Vanteck (VRB) Technology Corp. recently announced new milestones for the first large-scale commercial user-based North American installation and commissioning of a Vanadium Energy Storage System.

Vanteck announced the establishment of a U.S. subsidiary, VRB Power (U.S.) Inc., which will be the general contractor responsible for the installation and commissioning of the alternative energy storage system for PacificCorp’s Castle Valley project in the Western U.S.

In addition, Vanteck is able to report significant progress toward the installation of its energy storage system for PacifiCorp, a subsidiary of utility ScottishPower.

PacifiCorp has begun construction on a site near Moab, Utah known as Castle Valley, for an alternative electrochemical energy storage system based on the Vanadium Redox Battery (VRB). The PacifiCorp 250 kW – 2000 kWh unit is the first large-scale commercial user-based application of the technology in North America. Other installations are operational in both South Africa and Japan.

To date, the company’s principal technical consultants, Telepower Australia, have completed the design and specifications for the PacifiCorp project and are now engaged in the on-site assembly of other installation components including the electrolyte storage tanks, balance of system components and the proprietary Vanadium Energy Storage System (VESS). Telepower Australia, together with support personnel from Highveld Steel and Vanadium, that has produced and shipped the required 125,000 litres of electrolyte, and TSI-Eskom, supplier of the power electronics system, will perform the work in Moab, under VRB Power (U.S.) Inc.’s direction.

VRB Power (U.S.) Inc. will also be responsible for the development of other U.S. business opportunities.

“Vanteck is excited to have been selected by PacifiCorp to provide commercially viable, cost effective energy storage solutions,” said Donald Nicholson, President & CEO of Vanteck. “We look forward to a mutually satisfactory working relationship initially focused on providing Moab, Utah with reliable energy services.”

Vanteck offers alternative energy storage solutions that enable energy companies like PacifiCorp to store electricity and maintain a reliable electrical energy service to customers, while deferring the need for new substations.

Nicholson added: “Our technology meets the requirements of the power supply industry for uninterrupted back-up power for ride-through, peak shaving, reliable and quality power.”

PacifiCorp provides electric service to approximately 1.5 million customers in Utah, Wyoming, Oregon, Washington, Idaho and California. With a service area of more than 135,000 square miles, PacifiCorp has one of the most extensive transmission systems in the U.S. PacifiCorp, with approximately $4 billion in sales, is one of the lowest-cost electricity providers in the U.S. and generates about 8,200 megawatts from coal, hydro, gas-fired combustion turbines, geothermal and renewable wind power.

Based in Vancouver, B.C., Vanteck is an alternative electrochemical energy storage company that is commercializing the patented Vanadium Energy Storage System.

The VRB is a new enabling technology that can effectively store electricity on demand. The VRB improves power reliability, power quality and will reduce costs for such applications as load leveling, peak shaving etc., and will provide power suppliers essential Uninterruptible Power Systems (UPS).

The application of the VRB technology is particularly well suited to stationary power sources such as power stations, telecommunication operations and alternative energy generators, including wind farms. The VRB technology is characterized by low ecological impact. It uses conducting plastic electrodes and contains no heavy metals unlike most other conventional energy storage systems that rely on toxic substances such as lead, zinc or cadmium.

The unit, known as the VRB-VESS, can also be designed to be mobile, so it can be relocated to another site as needed in the future.