VRB Energy New Energy Company Breaks Ground on 3GWh Vanadium Flow Battery Energy Storage Industrial Base
Date: 21 Oct 2024 |
Source: www.itdcw.com/news, 18 October 2024
On the morning of 18 2024, VRB Energy New Energy Company held a grand groundbreaking ceremony for its 3GWh Vanadium Flow Battery Energy Storage Industrial Base in Changzhi, Shanxi Province. This event marks the first collaborative project between Lubao Group and Ivanhoe Group following their strategic partnership.
The 3GWh Vanadium Flow Energy Storage Base, spearheaded by VRB Energy New Energy Company, is set to play a crucial role in ensuring a stable supply of key raw materials for energy storage solutions. This project is designed to support the large-scale deployment of vanadium flow batteries, providing an advanced and sustainable approach to energy storage.
Earlier this week, on 15 October, the formal signing ceremony for the strategic cooperation and investment between Lubao Group and Ivanhoe Electric Group was held in Beijing. This agreement sees Lubao Group becoming the controlling shareholder of VRB Energy New Energy Company (referred to as PUNENG Holdings), with a 51% stake, while VRB Energy retains 49%. As a result, PUNENG Holdings has transformed from a wholly foreign-owned enterprise to a Sino-foreign joint venture.
The joint efforts between Lubao Group and Ivanhoe Group, combining their strengths in industrial expertise and energy innovation, are set to propel VRB Energy New Energy Company into the forefront of the energy storage industry, with this new base serving as a key driver for future developments.