Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)'s battery storage arm VRFB Holdings has received notice that Garnet Commerce is exercising an option over Enerox Holdings (EHL).
VRFB-H’s main asset is its interest in EHL, which owns Enerox Gmbh, an Austria-based vanadium redox flow battery manufacturer.
Garnet will pay to EHL/Enerox US$3.25mln in return for shares in EHL, which will result in Garnet holding 60% of the issued share capital of Enerox and VRFB-H holding the remaining 40%.
The parties have also agreed to amend their existing joint venture agreement in relation to EHL.
Bushveld Energy is in the process of being spun out from Bushveld Minerals.