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Phenom Signs MOU with Japanese Vanadium Solid-State Battery Company
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Phenom Resources Corp. (TSXV: PHN...
About this update from Phenom Resources Corp
[{"type":"text","content":"Phenom Signs MOU with Japanese Vanadium Solid-State Battery CompanyVancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) (\"Phenom\" or the \"Company\") is pleased to announce that it has signed a Memorandum of Understanding (MOU) to gain a 5% equity interest in a private Japanese battery company, that is advancing its revolutionary fast charging low-cost vanadium solid-state battery (VSB) business world-wide. The non-binding MOU describes the principles and proposed terms and conditions of an Off-Take Agreement between MK Plus Co., Ltd. (MK Plus) and Phenom whereby Phenom will commit to providing 20% of its future Carlin Vanadium Project production concentrates to MK Plus at fair market value. In exchange for this commitment, MK Plus will, on signing a Definitive Off-Take Agreement, issue to Phenom 5% of MK Plus's issued and outstanding shares. Phenom's interest will be non-dilutive until MK Plus's market valuation exceeds US$500 million after which Phenom's interest in MK Plus may be diluted but will not fall below 3%. Currently, MK Plus's market valuation is CDN$83.85 million. According to MK Plus, their vanadium solid-state battery provides higher desired performance at a lower cost over vanadium redox flow batteries (VRFB) in the large capacity battery market. They claim: Rapid charging in minutes (C-rate of between 100 and 300 versus C-rate of 20 in VRFB), achieving massive charging speeds 100 times faster. Use one tenth of the amount of vanadium than VRFB use for an equivalent charge.Have +100,000 deep cycle life without heat dissipation (no fire risk) or degradation (long life).Have been tested at ambient operating temperatures between 100oC and -40oC without loss of performance.MK Plus's vision is to be the #1 provider of high-performance, stationary, low-cost utility-scale batteries that are made 100% in North America with vanadium from Phenom's Carlin Vanadium resource in Nevada. With 14 patents world-wide for its battery technology, they have progressed through a 12-year R&D period including thorough third-party testing. They are now providing scaled-up modules to European power companies for customer testing next month. MK Plus has established multiple subsidiaries including the USA, France and Austria with plans to expand further world-wide...