Bushveld Minerals Ltd - South Africa focused-vanadium producer - Invests USD30 million into vanadium redox flow battery manufacturer Enerox GmbH with a consortium of investors in Enerox Holdings Ltd. Notes its subsidiary Bushveld Energy Ltd has a 25% indirect interest in Enerox through VRFB Holdings Ltd, which owns a 50% interest in Enerox Holdings. Says Bushveld Energy will contribute USD5 million, which was paid on Wednesday and USD2.5 million during April.
"Our investment in Enerox follows the same script of mobilising third-party financing to scale up manufacturing capacity and sales, while establishing a platform for collaboration in developing projects into which we will supply vanadium. The funding commitments of Enerox's shareholders are a strong vote of confidence in the potential and strategy of the company. We believe that this additional capital will place Enerox on the path to becoming a major player in the industry," says Bushveld Chief Executive Fortune Mojapelo.
Current stock price: 17.50 pence, up 12% on Thursday
Year-to-date change: down 12%
By Zoe Wickens; zoewickens@alliancenews.com
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Bushveld Minerals (BMN)