- Margaret Lake Diamonds (TSXV:DIA) has announced a joint venture with KORID Energy Company, a subsidiary of South Korean company DST Inc.
- The joint venture will construct a factory in America, in order to produce Vanadium Redox Flow Batteries and energy storage systems.
- The factory’s Phase I capacity will have an expected 50 megawatt output and 200 megawatts of storage.
- Executives from both companies met in New York to sign the joint venture agreement.
- Margaret Lake Diamonds’ share price remains unchanged, with shares trading at $0.04 apiece.
Margaret Lake Diamonds (DIA) has announced a joint venture with KORID Energy Company, a subsidiary of South Korean company DST Inc.
The joint venture will result in the construction of a factory, which will produce Vanadium Redox Flow Batteries (VRFB) and energy storage systems. The factory will be constructed in the United States.
The joint venture will make use of KORID’s patent-protected vanadium redox battery (VRB) technology. Last year, the technology far exceeded power output expectations in a battery trial.
Under the terms of the joint venture, Margaret Lake will have exclusive rights to that technology, excepting Korea and Australia.
KORID will also provide the majority of technical assistance for design, construction, and operation of the factory.
KORID, DST Inc, and Protean Energy Ltd will receive an aggregate 20 million post-consolidation shares of Margaret Lake. This will be in exchange for the exclusive technology license, and technical factory assistance provided by KORID.
Executives from Margaret Lake and KORID met in New York City to sign the joint venture agreement. Past and present officials from Korea and the state of New York were also present.
George Pataki, a former Governor of New York, expressed his hope that the project would be a step towards fighting greenhouse gas emissions, and other causes of climate change.
“This is a dream come true. What we have here is the marriage of technology, natural resources, tremendous need, and capital. […] We have to do more to make sure we have clean, renewable, reliable sources of energy. […] This joint venture, I think, has tremendous opportunity”.
The preliminary factory footprint, process flow, equipment and personnel requirements for Phase I have already been completed by KORID.
The factory’s Phase I capacity will have an expected 50 megawatt output and 200 megawatts of storage.
Margaret Lake Diamonds’ share price remains unchanged, with shares trading at $0.04 apiece.