Key Middle Arm proponent pens major deal
Tivan, whose headquarters are in Darwin, has formed a strategic alliance with Japanese giant Sumitomo Corporation to drive the development and financing on Tivan’s Speewah Project.
The Speewah project, located in East Kimberley region, is planned to produce vanadium oxides to supply the Middle Arm Development Precinct – creating a local supply chain for Vanadium Redox Flow Batteries (VRFB).
VRFB are an optimal long duration energy storage solution, with a lifespan of over 20 years, suitable for large-scale integration with the Territory’s world class solar and gas resources.
Executive Chairman of Tivan, Grant Wilson said the NT Government had been steadfast in their support of Tivan Limited.
'Our Strategic Alliance with Sumitomo Corporation, enables us to progress our strategic goals with confidence, including at the Middle Arm Sustainable Development Precinct,' he said.
This landmark agreement follows a big week in the Territory resources sector, including Top End Energy being granted a petroleum exploration permit in the McArthur Basin and Tamboran Resources expanding their development in the Beetloo Sub-basin by 15 new wells.
Gas extracted from the Beetaloo Sub-Basin has the potential to support 13,000 jobs by 2040 and increase the Northern Territory’s economic activity by $17 billion dollars.
In addition, the Middle Arm Sustainable Development Precinct will boost the Territory economy with 20,000 jobs for Territorians.