AVL (ASX) Big Batteries

Originally posted by sabine ↑

First post for CellCube..

What’s going to happen to CellCube - a long term vanadium flow battery associate of AVL since back in the mists of time and still one of CellCube’s “most important partners”?

In the spoiler;

One of the earliest gaps in the ‘mist’I’ve found relating to the Austrian-based company is February 24, 2014 via a story here from https://www.greentechmedia.com/articles/read/the-german-american-vanadium-flow-battery-connection
.. “Germany’s Gildemeister, a century-old industrial machine tools maker with a majority stake in Cellstrom, the Austrian-based maker of the CellCube vanadium redox flow battery system.…”
.. That was the description of ownership from GreenTech Media.

FWIW GTM was bought by Wood Mackenzie in 2016, and of course, back in those days Australian Vanadium was called Yellow Rock Resources….

So things change.

After the mists of time had done its’ stuff (up to now) a ‘big name’ Vanadium producer over in South Africa - Bushveld - ended up owning all of Cell Cube.
….. and then last year there was a move by that Bushveld crew to put Cell Cube into the primary ownership of London-listed, Mustang Energy

(led by Dean Gallegos who was briefly a director at AVL [ref])

— Only that went pear-shaped, and Bushveld’s been in quite a difficult financial position lately.

- Last November 20 it announced it would sell Cell Cube … but not to Mustang; https://www.miningmx.com/news/ferro...lcube-shares-as-embarks-on-strategy-overhaul/

And the same report says it had received a crucial financial bail out;

“In the third quarter Bushveld received just over $8m in working capital as part of $70m to $77.5m recapitalisation by investment firm, Southern Point Resources. Southern Point Resources will take a significant stake in the business in return.
Critical to this process, however, is agreeing a new conversion price for convertible notes with Orion Mine Finance, one of Bushveld’s lenders, initially priced at 6 pence/share. Coltman said he was hopeful this would be finalised before the December 21 deadline… “

… So Bushveld spent Christmas in a bit of hot water, despite that it was given an extension to that deadline until the end of this month;

..Bushveld's existing convertible loan notes have been extended to January 31, 2024, and the convertible debt obligations of approximately $46.9 million have been refinanced.”..
https://www.miningreview.com/battery-metals/bushveld-minerals-orion-to-refinance-convertible-loan-notes/#:~:text=Bushveld's existing convertible loan notes,loan, and a supplemental royalty.

So there’s value in Cell Cube to a company that clearly wants to cash in on that asset?

Who will buy?
Are we one of it’s most important Australian partners?

In November 2022 it signed a deal with Eastern states-based North Harbour Clean Energy to build a battery factory https://www.cellcube.com/australia-...ty-and-purchase-of-4mw-16mwh-vrfb-lighthou-2/

But only last June @Azzz shared a Twitter link in which CellCube maintained VSUN/AVL was “one of our most important Australian partners”
View attachment 5900335

….. So whatever happens next in regards ownership and factory sites, I guess the AVL team are maintaining a close interest?

Cheers

Expand

Originally posted by Troydt ↑

https://vanadiumprice.com/bushveld-minerals-warns-of-suspension-if-receives-no-funds/

Expand

Thank Troy
That report was published by Morningstar on January 15 https://www.morningstar.co.uk/uk/ne...warns-of-suspension-if-receives-no-funds.aspx

I thought finance problems had been rain checked to the end of this month :
https://www.miningreview.com/batter...e loan notes,loan, and a supplemental royalty
…. But it seems -after reading about the sale of its vanadium battery manufacturer, Cell Cube, which almost went through to Mustang via ‘in house’ machinations - it is a company that operates at various levels of agenda.
Is it angling for an administration with an acquisition out of that …
And if so what price might Cell Cube - AVL long term partner and already for sale go for?
And to who?

Cheers

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Last 1.0¢		Change 0.000(0.00%)		Mkt cap ! $86.34M

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1.0¢	1.1¢	0.9¢	$71.80K	7.183M

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