Bushveld Minerals, others acquire 24.9% stake in Enerox GmbH

A consortium of companies including Bushveld Minerals has completed the acquisition of a 24.9% interest in Enerox GmbH, an Austrian firm producing vanadium redox flow batteries (VRFB).

Enerox, (formerly GILDEMEISTER energy storage) is a globally active service provider in the renewable energy and storage sector with headquarters south of Vienna (Austria). The company provides development, construction and operation of large turnkey energy storage systems (utility-scale & microgrid) to comprehensive energy solutions for industrial applications to increase energy efficiency.

Under the initial sale and purchase agreement (ISPA), the consortium has paid EUR150,000 (US$166,560) with an investment of EUR600,000 (US$670,248) to fund the company's ongoing working capital. Three staged payments of EUR300,000 (US$335,124) will be made in December, January and early February to bring the initial investment in the target to EUR1.65 million (US$1.84 million).

The consortium will acquire Enerox from CellCube Energy Storage Systems Inc for EUR11million (US$12.29 million) in a three-part transaction to be executed on a debt-free basis. The main sale and purchase agreement are expected to be signed by the end of February 2020 for the acquisition of the remaining stake in the target.