logo-loader
viewBushveld Minerals Ltd

Bushveld Minerals to acquire Austrian VRFB pioneer as part of OEM strategy

A separate agreement also gives Bushveld a right of first refusal to supply vanadium products to Enerox

Bushveld Minerals Limited -
Enerox is one of the world's foremost makers of vanadium redox flow batteries (VRFB).

Bushveld Minerals Limited (LON:BMN) has made a second investment through its newly established vanadium battery OEM platform.

Subsidiary Bushveld Energy is leading a consortium to acquire Austrian group Enerox from CellCube Energy Storage for €11mln.

Based in Wiener Neudorf, Austria, Enerox is one of the world's foremost makers of vanadium redox flow batteries (VRFB).

Enerox pioneered the first containerised energy storage solutions and now has a global customer base with over 130 field installations.

A separate agreement also gives Bushveld a right of first refusal to supply vanadium products to Enerox on the same terms as any other supplier.

Bushveld is using its platform to establish a vertical structure in vanadium from mining the ore, processing and production of the electrolyte through to battery manufacture.

As part of the deal, Bushveld will also provide Enerox with €1.5mln in working capital and says it wants to put in no more than 50% of the transaction costs.

Fortune Mojapelo,  Bushveld’s chief executive, said: “The potential acquisition of Enerox is in line with Bushveld's previously announced strategy of establishing a VRFB Investment Platform through which the company will mobilise additional capital from third-party funders to help credible VRFB OEMs build scale to respond to a growing stationary energy storage market opportunity.

“The advantages this strategy brings are clearly illustrated by the right of first refusal agreement, also concluded with Enerox, whereby Bushveld will have the right to match commercial terms for the provision of vanadium products.”

Quick facts: Bushveld Minerals Ltd

Price: 21.75 GBX

LSE:BMN
Market: LSE
Market Cap: £250.77 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Bushveld Minerals Ltd named herein, including the promotion by the Company of Bushveld Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Bushveld Minerals granted mining permit for Mokopane

Headlines from the Proactive UK newsroom. Bushveld Minerals (LON:BMN) has been granted a mining permit for its Mokopane deposit in South Africa.  Mokopane is one of the world's largest primary vanadium resources.  Shield Therapeutics (LON:STX) is to present data further...

on 22/10/19

2 min read