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Alliance News) - Bushveld Minerals Ltd said on Tuesday it has signed a term sheet setting out the main terms and conditions on which it would acquire Enerox GmbH on a debt free basis from CellCube Energy Storage Systems Inc.
The acquisition is being attempted by a consortium of investors led by Bushveld Energy - which is an 84% owned subsidiary of Bushveld Minerals.
The company said it has been granted exclusivity until the end of February 2020 to complete due diligence and negotiate definitive acquisition documents for Enerox, which develops and manufactures vanadium redox flow batteries (VRFB).
The transaction will, if completed, see the Bushveld Consortium acquire the entire issued share capital of Enerox GmbH for a total sum of EUR11 million and a working capital financing for Enerox of EUR1.5 million.
Fortune Mojapelo, chief executive officer, 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 mobilize additional capital from third party funders to help credible VRFB OEMs build scale to respond to a growing stationary energy storage market opportunity."
Bushveld Minerals shares closed 1.2% lower in London at 21.00 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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