BEIJING (Asian Metal) 23 Sep 19 – On September 20, Canadian-based MGX Minerals Inc. announced it has entered into a Letter of Intent (“LOI”) with DST Co., Ltd. to create a joint venture as part of the formation of a vertically integrated vanadium redox battery supplier. The objective of the partnership is to advance a sedimentary-bearing vanadium deposit located in South Korea and develop a manufacturing facility for vanadium redox flow batteries and energy storage systems.
Additionally, the Company and DST have agreed to identify sites in the state of New York suitable to build a manufacturing facility that will produce vanadium batteries. DST will provide proprietary battery technology and build a manufacturing facility while MGX will manage sales and marketing of end products throughout North America.
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