Business
Phenom Provides Relevant New Developments in the Vanadium Space
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Phenom Resources Corp. (TSXV...
About this update from Phenom Resources Corp
[{"type":"text","content":"Phenom Provides Relevant New Developments in the Vanadium SpaceVancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (\"Phenom\" or the \"Company\") is pleased to share new relevant developments in the vanadium space.Just in the last week, four offshore vanadium redox flow battery (VRFB) manufacturers have indicated plans to build vanadium battery factories in the USA. A February 13, 2023 article by Energy Storage News reported that Sumitomo Electric from Japan, H2 Ltd. from South Korea and VFlowTech from Singapore will be building battery plants in the U.S. The link to the full article follows: Sumitomo Electric to expand US flow battery business (energy-storage.news). The Company also became aware last week that another South Korean VRFB manufacturing company, Korid Energy also intends to build a plant in the U.S. Paul Cowley, Company President & CEO states, \"These sudden multiple expansion plans by these companies speaks of their confidence in the future need of their VRFB globally, and particularly, positioning early in the high growth U.S. large capacity battery market.\" Paul Cowley, Company President & CEO continues, \"To add to that, we have been approached by three vanadium battery manufacturers in the last three weeks seeking off-take agreements with us for the vanadium from our Carlin Vanadium Project. We will consider relationships that benefit the Company at the appropriate time, but the key takeaways are that these companies already foresee a raw materials gap in the domestic battery supply chain for large capacity batteries and to lower their risks, they are going to the source to secure critical mineral supply. This is also currently happening in the EV space where automotive and EV battery companies are establishing relationships with mining companies to secure their key raw materials.\" Paul Cowley, Company President & CEO states further, \"We view these developments as an awaking and realization of the growing vanadium battery market prompted by China's adoption and scaling-up of VRFB projects over the last 5 years, their successful operating performance, and the strong message of support and financial assistance of grants and tax credits being provided by congress for the development of America's battery supply chains.\"...