LONDON, UK: VRFB Holdings Limited (VRFB-H) has agreed to acquire Garnet Commerce Limited’s 50% interest in Enerox Holdings Limited (EHL). The total consideration payable to Garnet Commerce for its shareholding in Enerox Holdings is US$33.16 million.

On 26th April 2021, Mustang Energy obtained a 22.1% interest in VRFB-H under the condition of the first stage of the acquisition. Subsequently, on 3rd August 2022, Mustang Energy conditionally acquired a 27.4% interest in VRFB-H from Acacia Resources Limited, under the condition of the second stage of the acquisition.

Finally, on 28th November 2022, Mustang conditionally acquired the remaining 50.5% interest in VRFB-H held by Bushveld Energy Limited, an 84% owned subsidiary of AIM-quoted Bushveld Minerals Limited, under the condition of the third stage of the acquisition.

The Garnet Acquisition is expected to be completed concurrently with the first, second, and third stages of the acquisition.

Upon completion of all the stages of the acquisition, and subject to the fulfillment of certain regulatory approvals, Mustang will have complete ownership of VRFB-H, which in turn, will have complete ownership of EHL. EHL is the sole owner of Enerox GmbH, which owns the CellCube brand.

EHL is a special purpose vehicle which holds the entire issued share capital of Enerox, an Austrian-based vanadium redox flow battery (“vrfb”) manufacturer. Enerox has invested more than 20 years of research and development into its energy storage system which is branded under the name CellCube.

Its vanadium-based technology is known to be state-of-the-art in the battery market and has already deployed or is currently deploying more than 130 systems / 43 MWh across 5 continents. In the preceding 12 months Enerox has announced 5 new orders for 34 MWh, which includes a 16 MWh battery to an Australian based renewable project developer – Enerox’s largest battery order to date.

CellCube designs and delivers sustainable and cost-effective energy storage solutions for microgrid and grid scale-applications. The CellCube brand is a leader in an energy storage eco-system and has developed a reputation for client service, system reliability and technical innovation. It has a stack and system production capacity. It is focused on large commercial projects using the new generation FB 500-2000 technology.

Dean Gallegos, the Managing Director of Mustang Energy, said: “The opportunity to take 100% of Enerox is an exciting and welcome opportunity for our stakeholders. The simplified ownership structure will allow our investors to obtain transparent value for the underlying energy storage assets.

Thanks to Enerox’s research and development initiatives in the energy storage sector, and its state-of-the-art vanadium-based technology, CellCube is a market leader in the vanadium-based energy storage sector, a sector which is increasingly being recognised as a critical component of global efforts towards net zero emissions.”

“We are delighted to have reached this agreement with Garnet and look forward to working with them and our other stakeholders to conclude a reverse takeover which we believe will be value-enhancing for our stakeholders to participate in and have exposure to a much-needed solution within the green energy field. The board continues to explore further investments in the energy storage value chain and renewable energy projects development space in line with its articulated strategy.”

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