Energy Plug Locks In First Battery Deal with Ximen Mining

Energy Plug Locks In First Battery Deal with Ximen Mining

Energy Plug Technologies (CSE:PLUG) has signed its first battery contract with Ximen Mining (TSXV:XIM) to install a battery energy storage system that will help power a gold mine in Nelson, British Columbia.

In a news release, the company stated it will install a 20kWh battery energy storage system (BESS) at Ximen Mining’s Kenville Gold Mine in southeastern B.C.

“Energy Plug is committed to helping organizations of all sizes tap into battery storage technologies to support climate objectives and reduce energy costs.”

— Broderick Gunning, CEO of Energy Plug —

The battery deal is part of an agreement for a two-phase clean electricity generation program with Ximen to design, power and generate energy for the Kenville Gold Mine. During the program’s first phase, Energy Plug will supply and support the installation of a solar power-connected 20kWh Lithium-Iron Phosphate battery application.

Meanwhile, the second phase will include the installation of a 100kWh BESS at the Kenville Gold Mine and will be designed to accommodate high-power consumption equipment including compressors and ventilation systems. After installation, the BESS system will allow Ximen to store energy during off-peak hours and supply it back during peak load periods.

It is expected that phase one installation will take place over the summer and will generate $25,000 in revenue per 20kWh, while phase two will launch in Q4 2024.

Energy Plug Technologies is focused on building customized lithium iron phosphate battery packs and has a goal of advancing battery technologies to enhance energy management and grid resiliency.

Ximen Mining owns 100 per cent interest in three of its precious metal projects in southern B.C., including its two gold projects: The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver Mine.

Shares of Energy Plug (CSE:PLUG) are up 9.09 per cent to C$0.06 as of 9:51 am ET, while Ximen Mining (TSXV:XIM) shares are unchanged at C$0.12.

Join the discussion: Find out what everybody’s saying about public companies and hot topics about stocks at Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

 

This article has been sourced from themarketonline.ca. To read the original report, click here.