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South Africa : Bushveld Minerals, IDC inks collaboration deal.

Bushveld Minerals Limited and energy subsidiary, Bushveld Energy Company ("Bushveld Energy"), and the Industrial Development Corporation of South Africa ("IDC") has inked a partnership deal.

The terms of the deal includes that Bushveld Energy would cooperate with the IDC to determine the economic viability of vanadium redox flow batteries ("VRFB") for use and manufacture in South Africa.

Europe and Asia, Bushveld Energy conceives Africa provides a unique and significant opportunity, while the development of global energy storage to date has broadly centeredon North America.

In most of the nations, the grid penetration is below 50% , leading to significant opportunities for power application in use cases such as off-grid, voltage support, transmission and distribution deferral.

Additionally, the opportunities exist for VFRBs where diesel is presently the primary source of energy.

Fortune Mojapelo, Chief Executive Officer of Bushveld Minerals, commented, "Africa's insufficient power infrastructure and rapidly growing electricity demand create a unique environment for immediate, mass-scale adoption of energy storage across a variety of use cases. The Agreement with IDC is an important step for Bushveld Energy, and we are very pleased to add a major local partner with significant resources and expertise in building successful, long term businesses in South Africa. It also demonstrates support for our vision of the potential for VRFB technology and underscores the opportunity for South Africa to beneficiate its mineral resources further through the development of new industrial opportunities. This is another example of Bushveld Energy's efforts to promote the role of vanadium in the growing energy storage market through smart partnerships and innovative business models. As we have maintained in the past, partnerships are key to our business model. We look forward to working with the IDC.

Christo Fourie, Head of the New Industries Strategic Business Unit, commented, "The signing of the Agreement with Bushveld Energy marks an important milestone for the IDC's initiative towards the development of a sustainable Energy Storage Industry for South Africa. The IDC and Bushveld Energy share a common vision for the development of a new industry that will ultimately benefit all South Africans through increased local minerals beneficiation, the creation of jobs across the value chain, the increased availability of power and the overall stimulation of growth in the economy. We are excited about our partnership with Bushveld Energy and the contribution that this project will make towards the achievement of our industry development goals for the local Energy Storage industry."

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Publication:Mena Report
Geographic Code:6SOUT
Date:Jun 17, 2016
Words:415
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