Vancouver, British Columbia--(Newsfile Corp. - May 17, 2019) - Far Resources (CSE: FAT) (FSE: F0R) (OTC Pink: FRRSF), as part of its developing battery and renewables technology strategy, it is acting as a principal sponsor of the Electric Blue Marine Power Project aimed at commercial demonstration of lithium battery capabilities for solar energy-based marine propulsion, alongside BattMat Technologies, Inc. One of the less developed but highly promising applications for lithium batteries is marine propulsion.
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Lithium batteries were used in the well-known but costly Planet Solar project, which circled the globe drawing on solar energy more than seven years ago. The ship contained 8.5 tons of lithium-ion batteries within its two hulls.
Since then, the functionality of lithium batteries and solar panels and their efficiency, along with electric motors, have improved substantially. The Electric Blue Marine Power Project being implemented by Electric Blue Power, LLC, aims to demonstrate the use of lithium battery technologies in a sustainable, efficient and economical marine propulsion system capable of powering vessels continuously on solar energy.
The MaxSolarProp© system, incorporating lithium iron phosphate batteries together with fixed and flexible solar panels and a high efficiency electric motor and proprietary electronics has been installed in the 40-foot research vessel, Electric Blue Solar Yacht. Electric Blue has embarked on a pioneering voyage along the iconic Great Loop which includes waterways of the Eastern US from Florida along the East Coast to the Washington, D.C. area and New York City and then inland on the Erie Canal to Buffalo, New York. The Great Loop continues on across the Great Lakes to the Midwest and down the Mississippi to the Gulf of Mexico.
The Project will demonstrate that lithium iron phosphate batteries, with their high performance and long life, are stable and reliable for solar-only and slower speed marine uses. Its design is ready for use to replace diesel engines in inboard sailboats and, with hybrid power back-up, is suitable for larger vessels.
The launch of Electric Blue is the culmination of several years of research and development in solar electric power and controls by its inventor Lee Wheelbarger, who recently joined Far's advisory board. He brings expert knowledge in the development of new battery-related power and other technologies, including lithium-based batteries such as those used on the Electric Blue Solar Yacht.
Investors will be invited to meet Mr Wheelbarger and members of the Far team beginning at stops in the Washington, D.C. area, in New York City, and at certain other points along the Great Loop, where they will be available to answer questions on the battery system.
Far's participation is pursuant to its partnership, announced in March, with technology and consulting firm BattMat, to create an advanced strategy for marketing Far's lithium resources, identifying new technology-driven trends in the battery materials sector and strengthening its strategic standing and recognition within the battery and technology industries.
Toby Mayo, President, stated: "We are very excited by this opportunity to market Far in this rapidly expanding sector. Our participation in Electric Blue represents part of the company's developing strategy to incubate high-potential, proprietary battery and renewable technologies, while also positioning the company to participate in the future licencing of successful, emerging technologies as they develop towards commercialisation. This is seen by management as a bona fide means of adding shareholder value through new initiatives in the battery and renewables sector, while introducing potential investors and partners for financing and forging closer ties in this growth industry."
For more information, please visit www.farresources.com, contact L. Frank Anderson, Director, at 604-253-3444.
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