Aim-listed Bushveld Minerals’ 84%-owned subsidiary Bushveld Energy has signed a term sheet agreement with CellCube Energy Storage Systems to acquire all issued shares in Enerox for €11-million.
A Bushveld Energy-led consortium has been granted exclusivity until the end of February 2020 to complete due diligence and negotiate definitive acquisition documents.
Austria-based Enerox is a researcher, developer, manufacturer and distributor of vanadium redox flow batteries (VRFB).
Bushveld Minerals Limited (LON:BMN), together with its subsidiaries, engages in the exploration and development of mineral projects in South Africa. It operates through three segments: Vanadium and Iron Ore, Coal Exploration, and Vanadium Mining and Production.