Canadian resource and technology company MGX Minerals has announced a partnership with publicly traded company DST to create a joint venture as part of the formation of a vertically integrated vanadium redox battery supplier.
The companies entered into a letter of intent to advance a sedimentary-bearing vanadium deposit in South Korea and to develop a manufacturing facility for vanadium batteries and energy storage systems.
MGX and DST agreed to identify sites in the state of New York, in the US, suitable to build a manufacturing facility.
DST would provide proprietary battery technology and build a manufacturing facility, while MGX would manage sales and marketing of end products throughout North America.