CellCube is the trading name of Enerox, headquartered in Vienna, Austria. Image: Enerox/Cellcube.
Bushveld Minerals is restructuring its investment in vanadium redox flow battery (VRFB) firm CellCube, increasing it slightly to 27.6%, as part of its own energy storage business carve-out.
The primary vanadium producer has entered into conditional agreement for a complex deal that will effectively increase its holding in Austria-based Enerox, better known by its brand name CellCube, from around 25% to 27.6%.
CellCube is one of the longest-running VRFB firms in the world with 23MWh deployed globally across 130 systems, and has had a busy 2022 expanding its project portfolio.
Bushveld Minerals, meanwhile, is one of the three primary vanadium producers in the world along with Largo Resources and Glencore. This transaction, explained in more detail below, is part of…