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Far Resources participates in conversion of Electric Blue Research Vessel to 100% solar/lithium ion battery power and welcomes investors to Washington DC stop-over

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The Electric Blue Marine Project, a joint project of Far Resources, Electric Blue Power, and BattMat Technologies, will be displaying the research vessel in the Washington, DC area on July 26. We encourage all interested parties to drop by and view the boat and meet with Captain Wheelbarger and Far President Toby Mayo. Please contact Jenny Casals by email at jenny@farresources.com to arrange an appointment.

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Company: Far Resources
Website: http://www.farresources.com
Stock Symbol: CSE: FAT
Date Published: Jul 15, 2019
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Far Resources announced that subsequent to its sponsorship of the Electric Blue Solar Research Vessel, the vessel’s conversion to 100% lithium battery support has been completed, making it the largest 100% solar-powered boat in North America, designed to test various battery-related technologies in solar power applications.

The Electric Blue Solar Research Vessel is being tested as part of the company’s developing battery and renewables technology strategy.

Far Resources is acting as a principal sponsor of the Electric Blue Marine Power Project, which is aimed at commercial demonstration of lithium battery capabilities for solar energy-based marine propulsion.

The Electric Blue undertook its maiden cruise from La Belle, Florida to Alexandria, Virginia and the Washington, DC area between March 2 and May 6, 2019, a journey of approximately 1,540 miles.

It will continue the Great Loop to New York City, then inland on the Erie Canal to Buffalo, across the Great Lakes and down the Mississippi to the Gulf of Mexico

The voyage, which traverses both saltwater and freshwater, is demonstrating successful continuous solar-powered daytime operation, at sail cruising speeds, using only 4 kW of fixed solar panel-generated electric energy and 10 kW of battery storage.

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.

Lee Wheelbarger, Captain of the Electric Blue and Head of the Electric Blue Marine Power Project, stated: “Our sea trials show that the advanced lithium batteries are able to absorb energy as fast as we can produce it. This means that we will never waste another watt of energy from the solar panels due to storage limits from decreased charging rates of the batteries — as occurs in other batteries as they charge — thus increasing daily solar production from the system and extending our range. This is a major advantage of lithium batteries over lead acid batteries. In addition, the 30% greater depth of discharge per cycle and over 20 years of expected cycle life makes advanced lithium batteries far superior to available market alternatives.”

Following its arrival in Washington, DC, the vessel was refitted with 10 kW of marine-safe, high-performance lithium iron phosphate batteries, an integrated battery management system and an additional 2 kW of high efficiency flexible solar panels.

The system was also upgraded from 36 volts to 48 volts for increased performance.

The vessel is now engaged during July in completing all refitting and undergoing sea trials of its upgraded power system, with initial results exceeding expectations and representing a 20% to 30% increase in motor efficiency.

The vessel has achieved reliable daytime operation and a cruising speed averaging 3 to 4 miles per hour in average flat water conditions, while drawing as little as 2,500-3,000 watts of solar-generated power for propulsion.

Together with the installation of a larger inverter, the vessel’s HVAC, an electric water heater and other appliances can be operated while the boat is driven at cruising speed, a singular capability compared with other similar vessels.

The Electric Blue Solar Research Vessel with the newly-installed flexible solar panels, which provide sufficient power, even under cloudy conditions, to fully-power the boat while simultaneously charging the lithium iron phosphate batteries.

The vessel is anticipated to be able to achieve continuous 24/7 solar-powered cruising with as little as 20-30 kW of added lithium battery capacity.

Toby Mayo, President and CEO, added: “We are excited by these developments and the progress made by Lee and the EBMP Project team. This represents a unique opportunity for Far shareholders to benefit from cutting edge developments in the rapidly expanding battery technology sector. Specifically, the ongoing research and testing of these batteries in a marine environment — where safety, reliability and efficiency are of the highest importance — has the potential to lead to the near-term commercialisation of certain battery-related systems using this technology, including related protectable intellectual property. The potential cash flow that this could generate would place Far in an extremely strong leadership position in the North American lithium market, as it also highlights Far’s lithium projects in Canada. It is very exciting to be part of such innovation in the lithium sector.”

The Electric Blue Marine Project, a joint project of Far Resources, Electric Blue Power, and BattMat Technologies, will be displaying the research vessel in the Washington, DC area on July 26.

We encourage all interested parties to drop by and view the boat and meet with Captain Wheelbarger and Far President Toby Mayo.

Please contact Jenny Casals by email at jenny@farresources.com to arrange an appointment.

The shares are trading at $0.055.

For more information on Far Resources and its projects in Canada and the USA, please visit www.farresources.com, or contact L. Frank Anderson, Director, at 604-253-3444.

I’m Fiona Forbes for Investmentpitch Media