Bushveld announces further steps to carve out independent energy storage entity

Integrated primary vanadium producer and energy storage solutions provider Bushveld Minerals has announced that VRFB Holdings (VRFB-H) has entered into a conditional agreement with Garnet Commerce and Mustang Energy, pursuant to which VRFB-H has agreed to acquire Garnet’s 50% interest in Enerox Holdings Limited, which wholly owns Enerox, for $33.17-million in cash and shares. This is the latest in a series of transactions aimed at providing Enerox and its CellCube brand access to the capital markets, the ability to achieve a transparent market value and attract energy-focused investors, Bushveld CEO Fortune Mojapelo said on April 12.