Ivanhoe Electric's VRB Energy subsidiary secures $55M investment, forms JV with Red Sun [Seeking Alpha]
Ivanhoe Electric Inc. (IE)
Company Research
Source: Seeking Alpha
of a new vanadium redox flow battery manufacturing operation in Arizona and form a joint venture in China with Red Sun, with Red Sun owning 51% and VRB Energy owning 49%. Red Sun is a private investment group based in Shanxi Province, China, which focuses on investments in new energy and energy storage technology, biomedicine, and high-end agriculture. In addition to the formation of the JV, Ivanhoe Electric and VRB Energy will establish a separate United States-based vanadium redox battery business in Arizona (VRB USA), supported by $20 million from the announced transaction. VRB USA will be 100% owned by VRB Energy. Under the terms of the JV, Red Sun plans to purchase $20 million in cash from VRB Energy payable in two equal tranches and increase its capital by $35 million through 2025 through the issuance of new shares in a joint venture. VRB Energy will restructure its intellectual property, including transferring ownership of U.S. patent rights. Red Sun plans to establish
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News
- Sparton Resources Announces Major Developments for VRB Energy [Yahoo! Finance]Yahoo! Finance
- Sparton Resources Announces Major Developments for VRB Energy [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Ivanhoe Electric Inc. (IE): An Under The Radar AI Stock You Should Pay Attention To [Yahoo! Finance]Yahoo! Finance
- US Department of Energy Cites Flow Batteries as the Best Choice for Large Scale, Economic Energy Storage [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Ivanhoe Electric and Ma'aden Joint Venture Commences Drilling Activities in Saudi ArabiaAccesswire
IE
Sec Filings
- 9/23/24 - Form 8-K
- 8/13/24 - Form 8-K
- 8/7/24 - Form 8-K
- IE's page on the SEC website