Far Resources Successfully Advance First Battery Product to Prototype Fabrication

VANCOUVER, British Columbia, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) and its partners BattMat Technologies, Inc. and Electric Blue Power, LLC (EBP) are excited to announce commencement of fabrication and testing of the first prototype units of its VAB Controller (Vehicle Automated Battery/Block Controller and Monitoring System), thus meeting a key milestone towards commercialization and revenue generation.

The VAB Controller is being developed specifically to increase efficiency of batteries being used in extreme temperature conditions. The system incorporates temperature sensors and monitoring functions to independently detect battery and engine conditions and automatically report when they exceed normal operating parameters. The system includes autonomous monitoring of battery voltage and temperature, oil, engine block and coolant temperature, which it records along with the relevant time-stamped data and which is automatically uploaded to owners or fleet managers, thus alerting them to possible maintenance issues before they become problems in the field. When the vehicle is not being operated, the VAB Controller uses the data to initiate, control and manage battery charging and warming as well as engine block and oil warming.

As announced on July 23, 2019, Far will finance the development of various technologies as provided by EBP and its CTO and founder, Lee Wheelbarger, the first of which is the VAB Controller. The prototype design and fabrication is the result of extensive patent, product and market research funded by Far.

Toby Mayo, President of Far, commented: “Advancing the first product from concept to design and prototyping is an extremely encouraging step towards commercializing a product that can support the use of a broader range of batteries—including lithium batteries—especially in extreme environments, conserve electricity for battery charging and limit battery failures. The battery industry grows on a daily basis and FAR, in concert with our technology partners, is delighted to be participating in this rapidly expanding sector. This first product development appropriately addresses our desire to create products that increase battery efficiencies, extending their useful lives, decreasing the overall material needs, and represents another successful milestone as the company expands its technology business.”