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Protean's shareholding in Korean Vanadium JV partner increases in value
2 minute read
The value of Protean Energy Limited's (ASX:POW) shareholding in DST Company Limited (KOSDAQ:033430) — its Joint Venture partner in Korea has risen when DST was reinstated on Korea's stock exchange.
The companies jointly operate Stonehenge Korea Ltd which holds 100% of the rights to the Daejon Vanadium Project in South Korea.
POW currently holds ~$3.1 million in cash in addition to its A$2.4 million shareholding in DST, placing it in a solid financial position to advance the Daejon Vanadium Project alongside its V-KOR vanadium battery technology.
Additionally, POW and DST control 50% of KORID Energy Limited which in turns holds 100% of the current certification, 15 patents, all IP and rights to the VKOR vanadium redox flow battery technology.
More about V-KOR vanadium battery technology
The V-KOR technology is a proprietary ‘Vanadium Redox Flow Battery Energy Storage System (VRFB-ESS)’, developed to meet rapidly growing demand for more efficient energy storage solutions. The V-KOR System is a rechargeable flow battery with the ability to store high levels of energy for long periods and with a greater life expectancy than existing lithium-ion battery solutions.
It is a commercial-ready solution, which is built-to-order for commercial, industrial and grid-scale applications, and has been designed by the JV to be fully scalable — offering solutions from 2kW to 20MW and larger to suit a customer’s specific requirements. A trial of the V-KOR battery underway in WA is currently in installation stage.
A week ago, POW announced that a 3D geological modelling program at the Daejon vanadium deposit in Korea was due to be completed within days, paving the way for an interim Mineral Resource in the second quarter of 2018.
It should be noted that POW is an early stage play and anything can happen, so seek professional financial advice if considering this stock for your portfolio.