Bushveld Minerals updates on its energy project

(ShareCast News) - Diversified mineral development company Bushveld Minerals updated the market in respect of its 84% owned subsidiary, Bushveld Energy, on Wednesday.The AIM-traded firm launched BE in January 2016 to focus on developing and promoting the role of vanadium in the growing global energy storage market through application in Vanadium Redox Flow Batteries. It reported continued progress in respect of the cooperation agreement with the Industrial Development Corporation, with tenders for studies now closed and the market study and techno-economic study awards being concluded.There was also ongoing identification of potential sites for VRFB installations in South Africa, in order to demonstrate the technology and its commercial application.Bushveld said it was also progressing market opportunities of VRFBs outside of South Africa through a memorandum of understanding recently signed with UniEnergy Technologies, a US-based manufacturer of turnkey, large and medium-scale VRFBs for utility, micro-grid, commercial and industrial, and other applications."Bushveld Energy is pleased to be cooperating on both studies with the IDC, a state funding institution that committed ZAR 14bn in support of renewable energy projects in the past five years," said Bushveld CEO Fortune Mojapelo."It has also prioritised energy storage as one of the eight most attractive new industries in terms of financial and developmental returns."The IDC also has important stakeholder linkages with the South African government, regulators and utilities and other key players that are necessary to provide a catalytic stimulus for the energy storage industry as they have for the renewable industry to date."At 1208 BST, shares in Bushveld Minerals were up 0.68% at 1.46p.