logo-loader
viewBushveld Minerals Ltd

Bushveld Minerals advances Enerox acquisition

The consortium signed an initial sale and purchase agreement and acquired, in equal proportions, 24.9% of the Enerox for €150,000

Bushveld Minerals Ltd - Bushveld Minerals advances Enerox acquisition

Bushveld Minerals Limited (LON:BMN) has advanced the acquisition of Austrian group Enerox as part of a consortium.

The buyers signed an initial sale and purchase agreement and acquired, in equal proportions, 24.9% of Enerox for €150,000 from CellCube Energy Storage Systems.

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

In addition, they invested €600,000 in Enerox to fund ongoing working capital, with three further monthly payments of €300,000 to February which will bring the total initial investment to €1.65mln.

Bushveld, a vanadium producer, last month announced plans to acquire the Austrian group, one of the world's foremost makers of vanadium redox flow batteries (VRFB).

VFRBs are used for large-scale energy storage, including utility, commercial, industrial and residential applications, thanks to having lower risk of fire compared to other solid-state batteries.

Bushveld said it will contribute no more than 50% of the funds invested by the consortium, to which it is considering adding more investors.

“Bushveld's participation in this investment enhances our VRFB investment platform, while providing additional strength to the company's vertical integration strategy, supporting VRFB adoption and helping to grow the overall vanadium market,” chief executive Fortune Mojapelo said in a release.

Quick facts: Bushveld Minerals Ltd

Price: 13.37 GBX

LSE:BMN
Market: LSE
Market Cap: £154.15 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

Bushveld Minerals CEO says growth is still very much part of the story...

Bushveld Minerals Limited's (LON:BMN) Fortune Mojapelo caught up with Proactive London's Andrew Scott on the back of its 2019 results. Bushveld's retained its production guidance for 2020 despite some disruption to its operations from the coronavirus pandemic. Mojapelo says the company has...

1 week, 5 days ago

2 min read