Velox receives $1M (Australian) from Arena for Kotai

Executive Summary

• Velox Energy Materials Inc. has successfully completed Milestone 2 of the Arena-funded Kotai hydrogen project, validating the exportable solid-state hydrogen technology at the lab scale.
• The completion of this milestone triggers a $1-million (AUD) funding payment from the Australian Renewable Energy Agency (Arena), part of a total $5-million (AUD) TRAC grant originally announced in April 2024.
• The project is now progressing toward Milestone 3, which will focus on scaling up the electrochemical synthesis of sodium borohydride and demonstrating hydrogen release at a pilot plant level.

Key Details

• Milestone Achievement: Validated exportable solid-state hydrogen technology at lab scale, specifically demonstrating the synthesis of sodium borohydride and hydrogen release at high pressure.
• Funding Payment: Receipt of $1-million (AUD) from Arena, bringing total grant funding to date to $2 million (AUD) of the $5-million (AUD) TRAC grant.
• Project Budget: Total project budget is approximately $16.5-million (AUD), including contributions from Curtin University and Velox via its subsidiary WA Hydrogen Pty. Ltd.
• Technical Advancements:
  • Synthesized and purified 10 grams of sodium borohydride via an electrochemical process.
  • Achieved continuous 10-gram-per-hour hydrogen release through hydrolysis in a single vessel.
  • Confirmed hydrogen output up to 1,000 bar, validating high-pressure, on-demand delivery viability.
• Next Steps (Milestone 3): Focus on scaling up electrochemical synthesis and hydrogen release; design and construction of a pilot plant to demonstrate NaBH4 production and hydrogen release at exportable quantities.
• Commercial Strategy: Commercial discussions have commenced regarding the pilot plant's location and operational terms with a prospective site offering advanced infrastructure for hydrogen production, testing, and certification.
• Intellectual Property: Velox holds an exclusive option to acquire 100% of the intellectual property developed within the Kotai hydrogen project.
• Technology Specs: Sodium borohydride (NaBH4) offers a gravimetric hydrogen density of 21.4% and volumetric density of 137 kg H2/m³, which is 1.28 times greater than ammonia and 1.93 times greater than liquid hydrogen.

Notable Quotes

• Craig Buckley, Head of Curtin University's Hydrogen Storage Research Group: "This milestone demonstrates that sodium borohydride can deliver hydrogen at high pressure safely and efficiently, which is a significant advancement for global hydrogen transport. By validating both synthesis and hydrogen release at lab scale, we've proven the feasibility of a closed-loop system powered by renewables."
• Nicole Morcombe, Interim CEO: "With Arena's support, we are transitioning from lab-scale validation to pilot-scale deployment, accelerating the path to commercialization. We are grateful for Arena's backing and look forward to continuing our collaboration with Curtin University to deliver real-world solutions that meet both environmental and economic goals."