MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) has entered the world of vanadium redox batteries as it announced a new joint venture deal on Friday.
The Vancouver-based energy metals and materials group said it had signed a letter of intent (LOI) with DST Co Ltd - a publicly-traded company, which is listed on the KOSDAQ in South Korea - to form a new venture.
READ: MGX Minerals reports further progress in University of British Columbia collaboration to develop next generation lithium-ion batteries
The aim of the partnership is to advance a sedimentary-bearing vanadium deposit in South Korea and develop a manufacturing facility for vanadium redox flow batteries and energy storage systems, MGX said in a brief statement.
The company, along with DST, have agreed to identify sites in New York state, which would be suitable for a manufacturing facility to produce the batteries.
Vanadium redox batteries, also known as vanadium flow batteries, are a type of rechargeable battery that employs vanadium ions in different states to store potential energy.
The main advantages of these batteries include it can offer almost unlimited energy capacity simply by using larger electrolyte storage tanks and can be left completely discharged for long periods.
DST will provide proprietary battery technology and build the manufacturing facility, while MGX will manage sales and marketing of the products throughout North America.
Lithium-ion battery work on the go too
Earlier this month, MGX reported the latest advances in its work to develop high energy lithium-ion (Li-ion) batteries.
The company revealed that its collaborative research partnership with the University of British Columbia (UBC) had successfully completed the etching process (cutting into the metal surface) to make silicon anode.
The aim of the previously announced two-year research program is to develop a low-cost and scalable method that will fabricate a silicon-based anode to improve the energy density of Li-ion batteries.
Shares added around 2.6% to stand at C$0.195 in Toronto.
--Updates for share price---
Contact the author at [email protected]
Follow him on [email protected]