Japan's Idemitsu raises Vecco battery power stake to nearly 15%

TOKYO, March 24 (Reuters) - Idemitsu Kosan Co , Japan's second-biggest oil refiner, has increased its stake in Australia's Vecco Group to 14.7%, giving it access to a vanadium mine and an electrolyte plant project, as it expands its presence in renewable energy. Idemitsu made an undisclosed investment into Vecco last October to get access to the mine and a project, known as Debella, to produce vanadium electrolyte for redox flow batteries, a type of a storage battery.

On Friday, Idemitsu said that its investment in Vecco has reached 13.16 million Australian dollars ($8.8 million), giving it a 14.7% stake.

"Through this investment, Idemitsu will promote knowledge-gaining efforts in the rare metals business and accelerate the development of businesses that will contribute to the introduction of renewable energy," Idemitsu's statement said.

The Debella project plans to launch a vanadium electrolyte manufacturing plant with 35 million megawatt hour (MWh)
capacity for the redox flow batteries this year, to be expanded to 350 MWh or more in the future, Idemitsu added.
($1 = 1.5013 Australian dollars) (Reporting by Katya Golubkova; editing by Barbara Lewis)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Japan's Idemitsu raises Vecco battery power stake to nearly 15%

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

Solid price gains for gold, silver after busy news weekend

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout

off-the-wire

Japan&apos;s Idemitsu raises Vecco battery power stake to nearly 15%

By Reuters

Reuters

Reuters

Japan's Idemitsu raises Vecco battery power stake to nearly 15%