TNG brings solar power to Mt Peake

Metals explorer TNG has signed a deal with a local renewable energy group for the supply and installation of a solar power system at its flagship Mount Peake vanadium project in the Northern Territory.

TNG said the memorandum of understanding with Energy Made Clean would complement a recently signed deal with a global vanadium battery manufacturer for the potential supply of a vanadium redox battery at Mt Peake.

“A solar power system, in conjunction with a VRB storage system, could significantly cut power costs at TNG’s operations, supply the company with a renewable energy solution, as well as provide a showcase for the rapidly increasing use of VRB installations in remote areas,” TNG said in a statement.

TNG is currently in the final stages of an advanced feasibility study on the Mt Peake project, which it says is on track to be completed in the next few weeks.

Managing director Paul Burton said the deal had the potential to make a significant contribution to reducing overall power costs at the project, while putting TNG and Mt Peake at the forefront of renewable energy use in the resources sector.

“As a future supplier of metals which are increasingly used by the green energy sector, it is appropriate that we should be investing in a renewable energy solution for Mt Peake, and partnering with some of the world’s top practitioners in this area,” he said.

“We look forward to progressing our discussions with EMC as part of the final stages of the feasibility study.”

Earlier this week, Business News reported that EMC had been selected from 13 companies to supply and install a 1.1 megawatt hour lithium energy storage system in Alkimos Beach for electricity provider Synergy.

TNG shares were 8.5 per cent lower to 19.2 cents each at 1:30pm.