MGX Minerals Inc. entered into a letter of intent with DST Co. Ltd. to create a joint venture to advance a vanadium deposit in South Korea and develop a manufacturing facility for vanadium redox flow batteries and energy storage systems.
The company said Sept. 20 that the joint venture will identify a site for a vanadium battery manufacturing facility in New York.
DST agreed to provide proprietary battery technology and build a manufacturing facility, while MGX Minerals will manage sales and marketing throughout North America.
Separately, MGX Minerals subsidiary MGX Renewables Inc. said Sept. 19 that it appointed director Ron MacDonald president and CEO, effective immediately.
The subsidiary also outlined a corporate name change to Zinc8 Energy Solutions, with an official name change and new ticker anticipated in the near term.
In June, MGX Minerals completed a 40% spinout of the subsidiary, which has developed a patented zinc air flow battery and was known as ZincNyx Energy Solutions.
MGX Renewables said the new name better reflects its zinc air energy storage system, adding that it will be the lowest-cost option for customers requiring over eight hours of energy storage.
