December 27 (Renewables Now) - A consortium including South African vanadium producer Bushveld Minerals Ltd (LON:BMN) has acquired a 24.9% interest in Enerox GmbH, an Austrian firm producing vanadium redox flow batteries (VRFB).
A payment of EUR 150,000 (USD 166,560) has been made under the initial sale and purchase agreement (ISPA), and the consortium has also invested EUR 600,000 to fund Enerox’s ongoing working capital, Bushveld said before the holidays. Three staged payments of EUR 300,000 are planned for December, January and early February to bring the initial investment in the target to EUR 1.65 million.
Bushveld Minerals said in November the consortium, led by its 84%-owned unit Bushveld Energy, would take over Enerox from CellCube Energy Storage Systems Inc for EUR 11 million in a three-part transaction to be executed on a debt free basis. In the latest update, the company said a main sale and purchase agreement is expected to be signed by the end of February 2020 for the acquisition of the remaining stake in the target.
The South African company wants to buy Wiener Neudorf-based Enerox as part of its strategy of creating a vanadium redox flow batteries investment platform through which it would invest in original equipment manufacturers (OEMs) with attractive upside potential.
(EUR 1 = USD 1.11)