Battery metals miner Phenom Resources has signed an MOU with MK Plus, a private Japanese battery company.
The Japanese company is advancing its vanadium solid-state battery business worldwide. Its technology provides higher performance at a lower cost over vanadium redox flow batteries, reducing vanadium use by nine tenths and charging to mere minutes. It is now providing scaled-up modules to European power companies for customer testing next month.
Phenom would provide 20 per cent of future Carlin Vanadium Project production concentrates to MK Plus at fair market value. Phenom would receive 5 per cent of MK Plus’ issued and outstanding shares.
The companies intend to address U.S. battery supply chain gaps, particularly in the stationary battery and utility-scale markets, which Phenom CEO Paul Cowley sees doubling the size of the EV battery market by the early 2030s, and expanding 30 times by the end of the decade, respectively.
A definitive agreement is expected by June 30, 2023.
Phenom Resources has 100-per-cent interest in the Carlin Vanadium Project in Nevada. The project hosts North America’s largest and highest-grade primary vanadium resource.