The company has signed an exclusive patent licence option agreement for the VanadiumCorp-Electrochem Processing Technology (VEPT), allowing it to utilise the technology's Australian licence to expedite construction of the facility.

It now has a six-month option to acquire the licence for the country for US$500,000.

"Ultra's core objective is to directly integrate low-cost battery grade vanadium electrolyte into vanadium redox batteries from virtually any source in a fraction of the time and capital requirements of current vanadium extraction processes," the company said, adding that VEPT dramatically reduces emissions and significantly offsets operating costs via the production of by-products.

Additionally, the electrolyte offers an exceedingly lengthy usage life - effectively perpetual.

VanadiumCorp CEO Adriaan Bakker called the agreement a new chapter for the company that gives the companies and the technology a realistic commercialisation pathway.

"Our vision to establish the most efficient and sustainable solution for energy storage is within reach years sooner than anticipated," he said.

"This important milestone regarding the VEPT will allow this disruptive and robust technology to be implemented in Australia, a jurisdiction particularly favorable considering the large deposits of vanadiferous titanomagnetite already in production or close to commercial production," Electrochem president Francois Cardarelli added.

"This milestone is the turning point for licencing our joint IP with VanadiumCorp and Electrochem preceding the national entry phases of VEPT for key global jurisdictions."