Another article about the Margaret Lakes Diamonds arrangement,...

Another article about the Margaret Lakes Diamonds arrangement, this one was from a link on DST's website (it is a Korean newspaper article translated hence some poor grammar and misspellings):

Korea's mid-term DST, battery plant in Upstate New York

In recent years, the world's major countries have sharply increased the share of renewable energy, leading to the market for ESS (Energy Storage System), a system that uses batteries to store and produce energy when needed. The scale continues to expand.

In line with this, Korean companies that produce lithium ion (Lithium Ion Battery), a key component of ESS, have made huge investments in technology and R & D using this as a momentum for business growth. However, the biggest disadvantage of ESS lithium battery is its limited life span of 5-7 years, and it is a serious problem that there is a high risk of frequent fire and explosion accidents along with the cost of replacing the battery itself after a certain time.

It is the next generation ESS battery that replaces the lithium battery by the Vanadium Flow Battery, which has been proven to be environmentally friendly with more than 20 years of semi-permanent durability and no fire or explosion risk. Be in the spotlight.

In recent years, DST, a small and medium-sized energy development company in Korea, recently entered the US ESS battery market through its subsidiary, Coreid Energy.

DESTY's subsidiary, Corrid Energy and Canada's Margaret Lake Diamonds Inc. signed a Joint Venture Agreement last month on December 13 at the Harvard Club in Manhattan to build a vanadium flow battery factory. According to the agreement signed, Canada's MLD and Corid Energy invested a total of $ 10 million, $ 5 million each, to generate $ 60 million annual revenue in the United States (200MWh of battery capacity and approximately 30,000 households). A Vanadium-flow battery plant will be built in Upstate, New York.

Kim Hong-cheol, CEO of Corid Energy, who signed the contract, said, “The most significant result of this contract was the achievement of R & D vanadium flow battery R & D for the past 10 years. "The role of DSTI as a related company in relation to this contract negotiation was greater than anything else, and the ESS battery industry is as important as technology to secure competitive prices through cost reduction, which has been unique in the field of factory automation for the past 30 years." "If we have a technology that can lead to a battery production automation process, we will have a competitive advantage that no battery plant in the US or the world will have in terms of production efficiency."

According to a report by research firm Global Market Insight, the market for ESS vanadium-flow batteries in North America, including the US and Canada, is estimated at about $ 500 million by 2020, and is expected to grow to $ 1.8 billion by 2025. Contact 201-214-3006 (Peter Cho).