leadf
logo-loader
viewBushveld Minerals Ltd

Bushveld Minerals advances vanadium venture with contract for EDF’s Oxford ‘superhub’

“VERL is an excellent means of giving our customers the option to reduce the capex of their energy storage system," said Larry Zulch, chief executive of Bushveld partner Invinity

Bushveld Minerals Ltd - Bushveld Minerals advances vanadium venture with contract for EDF’s Oxford ‘superhub’

Bushveld Minerals Limited’s (LON:BMN) vanadium venture with Invinity is advancing, via the creation of a new vehicle, Vanadium Electrolyte Rental Limited (VERL), which has already entered into its first deal.

VERL has inked a contract with EDF Energy subsidiary Pivot Power which sees the joint venture company provide electrolyte for Pivot's five megawatt-hour flow battery, at the ‘Energy Superhub’ in Oxford. 

READ: Bushveld Minerals says production ramp-up continues

Fortune Mojapelo, Bushveld chief executive highlighted the suitability for vanadium for such projects.

"Since setting up Bushveld Energy in 2016 we have said that the metal's unique characteristics will give it certain advantages in the energy storage sector,” he said in a statement.

“In this case it is the lack of degradation, even after years of charging and discharging cycles, that allows for us to loan the metal into a battery, thereby removing a significant portion of the upfront cost of the battery and ensuring the reusability of its electrolyte.”

He also noted: “This partnership puts the rental model into a specific business unit, formalising a commercial partnership and ringfencing the vanadium rental sub-entity. We anticipate adding other rental agreements and VRFB companies to the partnership in growing the electrolyte rental model, ensuring that the VRFB is affordable and the most sustainable battery technology."

Invinity chief executive Larry Zulch, meanwhile, added: "Both Invinity and Bushveld are intent on removing any obstacle to vanadium flow batteries demonstrating their superiority for heavy cycling and long duration applications.

"VERL is an excellent means of giving our customers the option to reduce the capex of their energy storage system. The ability to rent electrolyte and be confident of its residual value shows why vanadium flow batteries have an environmental life-cycle assessment consistent with their purpose of making renewable energy a reliable resource."

Quick facts: Bushveld Minerals Ltd

Price: 12.5 GBX

LSE:BMN
Market: LSE
Market Cap: £144.12 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

Bushveld Minerals is back to full production, reporting a 31% increase in...

Fortune Mojapelo, chief executive of Bushveld Minerals Ltd (LON:BMN), caught up with Proactive's Katie Pilbeam about the results for the third quarter to end September 2020. Mojapelo talks through the highlights, such as third-quarter production jumping 31% to 1,019 mtV compared to the...

4 days, 15 hours ago

2 min read