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Bushveld Minerals makes the move into energy storage

The owner of vanadium, titanium and iron ore assets in South Africa, has signed an outline deal called a memorandum of understanding with an American firm UniEnergy Technologies (UET).

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The company is pioneering the use of vanadium in electricity storage.

Mine developer Bushveld Minerals Limited (LON:BMN) has taken a major step to becoming an energy storage business.

For the owner of vanadium, titanium and iron ore assets in South Africa, has signed an outline deal called a memorandum of understanding with an American firm UniEnergy Technologies (UET).

UET builds energy storage facilities that have at their core a new technology called vanadium redox flow battery (VRFB).

The AIM-listed mine developer, meanwhile, launched its Bushveld Energy subsidiary to “promote the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries”.

Bushveld chief executive Fortune Mojapelo said: “The memorandum of understanding with UET is a significant step in Bushveld Energy's development, providing a platform for collaboration with a credible technology partner that not only has a strong track record in the technology development of VRFBs but is also a commercial manufacturer of quality VRFB systems.

“This achievement also underscores the opportunity for South Africa to beneficiate its mineral resources further and as a result develop new industrial opportunities. It is just the first step in Bushveld Energy's efforts to promote the role of vanadium in the growing energy storage market through smart partnerships and innovative business models.”

The patchy power infrastructure in Africa means the continent is ripe for an energy storage solution such as VRFB, particularly with the rise of the renewable sector, the Bushveld boss added.

Quick facts: Bushveld Minerals Ltd

Price: 17.875 GBX

LSE:BMN
Market: LSE
Market Cap: £213.89 m
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