Mustang Energy Share Discussion Threads

[dontay] 20/7/2022 15:50

Use South Africa's 5 000 MW energy storage need to create new industry – Bushveld.20TH JULY 2022 JOHANNESBURG (miningweekly.com) – South Africa's 5 000 MW renewable energy storage requirement is seen as providing the critical mass for the creation of a new local energy storage industry that will have the potential to export into the growing global market for energy storage solutions.A new own-value-chain local industry is feasible owing to South Africa's resource base, processing infrastructure and high upcoming local demand.That is the view of Bushveld Minerals CEO Fortune Mojapelo, who spoke to Mining Weekly in a Zoom interview. (Also watch attached Creamer Media video.)The head of the London Aim-listed Bushveld sees a mix of short- and long-duration energy storage viably meeting the 5 000-MW-in-three-years challenge set by the National Planning Commission – and highlights vanadium redox flow batteries (VRFBs) as being ideal for long-duration electricity storage.Long-duration batteries support the integration of renewable energy into electricity grids and Mojapelo sees upcoming energy storage demand as providing a generational opportunity that South Africa should not miss.On energy storage being the flexible renewable energy enabler, he notes that sun shines at its brightest during off-peak periods "and, ideally, you want to be storing that energy and using it during peak periods when you're running those diesel generators, which are quite expensive."Similarly, if you look at wind generation, its peak generation capacity is during off-peak windows from a demand perspective."Pair that with long-duration energy storage, and you can deploy this power flexibly into the time zones when you need it the most."Overall, by doing that, you're improving the efficiency of the grid and enhancing the contribution of renewable energy to the grid," Mojapelo points out.To meet emerging demand, Bushveld has positioned itself for broad-based involvement through its far-reaching vertical integration model, with its downstream business including the construction of an electrolyte manufacturing plant in East London, the development of a hybrid minigrid at its Vametco vanadium processing plant in Brits, and investment into VRFB manufacturing. The company also has the primary vanadium-processing Vanchem facility in Mpumalanga.The minigrid will use locally mined and beneficiated vanadium, demonstrating how vanadium battery energy solutions can provide more local value for South Africa than any other storage technology and thus underpin a just energy transition in South Africa. The project's total cost is estimated at R113-million ($7.1-million).The minigrid project is serving as a renewable energy, VRFB reference site.Mining Weekly: What is the value of long-duration vanadium redox flow battery technology?Mojapelo: The power system has different needs that can be provided by energy storage. Eskom, for example, has identified about 18 different uses. Some of them are what you call ancillary services. They require fairly short bursts of power lasting minutes to one hour and maybe two hours and that's where, again, we're saying short-duration technologies can come in. But there are other uses that require four-hour, six-hour, eight-hour, or ten-hour storage, on a daily basis. If we're talking about shifting solar energy into the evening, or wind, then you need long-duration batteries and as far as those are concerned, we think vanadium flow batteries are the best solution. One of the reasons for that is the fact that within a vanadium redox flow battery, the energy is stored within the tanks of electrolyte, separate from the power unit. If I want to store more energy, I don't need to replicate the entire system, I just need to increase the sizes of the tanks and that's why with longer duration applications, vanadium redox flow batteries are becoming a lot more competitive.The other point is that these are long-life battery systems. They last for 20 years plus, and the electrolyte doesn't degrade over that duration, which means that you can use it at the end of the life of that battery in another battery as well. That makes them one of the most sustainable battery solutions out there. We've shown this at Vametco, that we can take that electrolyte back to our operations and convert it into ferrovanadium, so you don't really need to build new recycling facilities down the road to deal with electrolyte at the end of the life of the battery. That's why we think that vanadium flow batteries are the most sustainable and ideal solution when it comes to long-duration energy storage. For South Africa, another point that is particularly worth noting is that we've got abundant resources of vanadium. Of the four primary vanadium processing plants in the world today, three of them are in South Africa. The reason is because that's where we've got the grade, and that's where we've got the resource scale. If the world needs to double its production of vanadium, the resource base is here. We're going to just need to build more processing infrastructure.The other thing around that is not only do we, as Bushveld, produce the vanadium, we're also building an electrolyte manufacturing facility in East London, in partnership with the Industrial Development Corporation. We take the vanadium, convert it into electrolyte, and deploy it into the batteries, in this country, with a very, very high degree of local content. The minigrid that we are going to start constructing now and which we expect to commission in the first half of next year, will contain vanadium that was mined at Vametco, and which has been processed into electrolyte. Because electrolyte plant is not up and running yet, that vanadium had to be turned into electrolyte at another facility but if the facility had been up and running, we would have been taking vanadium from our mines through a processing plant, converting it into electrolyte at our electrolyte facility, deploying it right back at the mine to solve our own power requirements.Mining Weekly: Why is Bushveld building the hybrid minigrid at Vametco?Mojapelo: In South Africa, it's fair to say security of energy supply is an issue, along with cost. To take more control, we welcomed the opportunity to develop our own self-generation solution. We started off with a small 3.5 MW photovoltaic solar project with a 4 MWh vanadium redox flow battery, with the intention of going beyond just supplying our requirements. Because of our activities within the vanadium redox flow battery space, we wanted to also demonstrate the business case for co-located renewable energy generation and vanadium flow battery storage solutions. We set this project up as a distinct standalone entity, because we also wanted to make sure that we can bring in third-party financing.The minigrid company has got a power purchase agreement with Vametco, which is a long-term power purchase agreement. That has been able to attract equity funding and commercial debt funding, which just underscores the economics of such a project and the attractiveness thereof, which is important if you consider the South African context, where the government has moved to encourage large energy users, who want to generate power for their own consumption, to do so up to 100 MW. We think that this project is a very good example of how this can be done. Our next step is to scale this up to meet a greater share of our energy requirements, not only at Vametco, but also at Vanchem. We could have said let's fund it ourselves, but the validation that comes with third-party funders is particularly important.Mining Weekly: In what way can vanadium energy storage solutions help to ensure a just energy transition in South Africa?Mojapelo: One of the key things about vanadium flow batteries is that they're very ideal in long-duration applications. If you want to do peak shaving or load shifting of four-hours or six-hours duration, it's going to be important that you get long-duration solutions such as vanadium flow batteries. The utility Eskom is increasingly recognising the need for this, which was seen, for example, with the recent procurement programme for 1 400 MWh, and talk of a lot more coming further down the road.Mining Weekly readers will recall that Bushveld started on its journey to being a vanadium producer when it acquired Vametco between 2017 and 2018.This was quite transformational in rapidly taking Bushveld from being an exploration company with a tiny $20-million market capitalisation to being a producer. A follow-up in 2019 was the acquisition of Vanchem.These two plants last year produced 3 500 t, which is just over 3% of the global market, and it anticipates a run rate of over 5 000 t a year by year-end.These increases are largely the result of refurbishment at Vanchem, where a considerably larger kiln, similar in size to the Vametco kiln, allows Vanchem to operate at lower cost.Targeted by years-end is an output of 5 000 t of vanadium a year, or about 5% of global demand. Https://www.miningweekly.com/article/use-south-africas-5-000-mw-energy-storage-need-to-create-new-industry-bushveld-2022-07-20

[dontay] 20/7/2022 14:06

Yep, and if that's the way it's going, as many suspect, it'll be a huge undertaking to bring all the various strands together and it will require an immensely complex prospectus to be put together ... not only to satisfy the authorities listing requirements, but to ensure the finalised roadmap is sufficiently understood by the energy focused II's they hope to bring in ... that they will want to invest their £millions into the venture.Hence, imo, BMN recently bringing in the professional experience of the huge tier1 RBC Capital Markets as brokers to advise and organise it all.

[megaman2] 20/7/2022 09:19

Bmn will throw bushveld energy in here as well imo. They have announced to carve it out from bmn . Currently it holds the vfrb-h shares and electrolyte factory and some claims to install mini grids across Africa although the only sale it has is to itself although it has mostly outside funding arranged .

Be is potless . It needs money to list . It needs money to buy out the idc to fully own the electrolyte factory . It needs significant money to role out any potential sale of cellcube minigrids. It needs money for salaries . It essentially needs a spac and a cash raise . It makes no sense just to reverse the vfrb-h shares into must when the same is required for the rest of be. A separate listing would just be duplication. Rolling all into one will be the most cost effective solution . Just makes sense to me I don't have any proof although I believe the ceo in one of the exchanges above mentioned looking at other investments ? Now must has only 1 spac and 1 shot so could he be referring to bushveld energy in its entirety . Bmn have Said they will carve out be hopefully by the end of the year...and will retain a shareholding to maintain its vertically integration across the value chain clearly it will be much cleaner to have shares in one entity . Just musings .

[begorrah88] 18/7/2022 22:02

...& neither do you

[dontay] 18/7/2022 20:26

As you very correctly say, you have no idea.

[begorrah88] 18/7/2022 16:03

If his only job is to get this over the line then he's failing miserably.I have no idea if they have even agreed a satisfactory basis for a prospectus yet let alone submitted it to the FCA.

[megaman2] 18/7/2022 15:45

It's won't be him calling the shots to be fair surely once listed they will exit anyway hence the salary grab.

[begorrah88] 18/7/2022 15:10

We can only go by what they have deigned to tell us & that was that the prospectus would be out & relist by end of July otherwise another deadline missed (& probably another reduction in the CLN conversion note).I can't accept that they had no perception of realistic timeframes or that the scale keeps getting bigger & catching them out. Maybe Gallegos is way out of his depth & unable to bring it all together?

[megaman2] 18/7/2022 14:47

I think folk are just frustrated thats all..I'm expecting a delay anyway but happy to get that wrong..might not be the worse thing that happens a delay until September everyone's on summer hioliday although I suspect cellcube might be on fumes and needs a cash injection

[dontay] 18/7/2022 14:20

The article below was a related article that maybe of some interest to MUST investors, that was tweeted by MUST, as have several aother informative articles. But they are NOT official Regulation News items (RNS's) which at a cost £500 to publish and cannot be justified whilst in suspension pending the rto.DYOR!For an company whose shares are suspended until they're ready to issues a prospectus (which maybe far bigger in scope than many here might be aware of) which was delayed after a court case (which they were not involved in) got in the way, ... I've found their regular comms on related industry news items just fine.

[bigginge1] 18/7/2022 13:12

Shocking comms here

[dontay] 18/7/2022 11:38

CellCube and G&W launch US microgrid solution with 2MW/8MWh project in Illinois.July 15, 2022Vanadium redox flow battery company CellCube and power electronics company G&W Electric have launched a microgrid solution for the US market, starting with a project at the latter's HQ in Illinois, US.CellCube (official name Enerox GmbH) and G&W Electric have signed a partnership agreement to offer a new and integrated microgrid solution to the US market. G&W Electric has added CellCube's Vanadium Redox Flow Battery (VRFBs) as a key technology to its microgrid solution portfolio and has become a 'Value Added Reseller' for CellCube's energy storage systems.The partnership has been initiated through a microgrid project G&E Electric has built at its own headquarters in Bolingbrook, Illinois, with a bi-facial solar PV array of 6,000 panels coupled to a 2MW/8MWh system provided by CellCube.G&W began work on the project in August 2021 which also includes a 1.3MVA flywheel. Energy-Storage.news previously reported that CellCube may have been the provider of the flow battery solution for the project and yesterday's announcement confirmed it.CEO Alexander Schoenfeldt told Energy-Storage.news: "Commercial & industrial customers are recognising that longer durations support their need better to cover the numerous peaks over the day instead of using a one- or two-hour battery. In addition, they have an increased appetite to capitalise on the volatility in the market by capturing those peak prices and increase their own project IRR – longer duration storage is then a critical path."The microgrid will cover multiple use cases including 'islanding' capability, peak load shaving, sub cycle backup power for critical asset protection and will actively participate in utility Commonwealth Edison's demand response program by isolating itself from the grid to help reduce peak load demand.It will also participate in the ancillary service and energy trading markets run by grid operator PJM, which covers a handful of states in the eastern US. It will provide Frequency Regulation through PJM Interconnection, which helps ensure the grid remains stable at 60Hz.The 2MW/8MWh VRFB is also capable of operating at up to 150% of its nominal power (so 3MW) for two hours to catch peak power prices in the PJM energy market.G&W launched the project after its operations were completely shut down due to grid outages a few years ago."Power outages in some regions in the US are more likely than in central Europe, and big industrial companies want a solution for that. A resilient microgrid for multiple hours saves them a couple of hundred thousand in each case of an outage or even a flicker taking place," Schoenfeldt said.John Mueller, chairman and owner of G&W Electric said: "CellCube's long duration battery technology unlocks huge value for G&W Electric with the lowest total lifecycle cost of any technology in the market. For us, it is an obvious step to partner with the market leader of Long-Duration Energy Storage."The Bolinbrook project and partnership with G&W is a good guide to CellCube's short-term target market while utility-scale projects will come later, as Schoenfeldt explained:"Taking into account the limitations in the supply chain we are looking into the microgrid market demand initially while preparing for large front-of-meter projects in the next years."Https://www.energy-storage.news/cellcube-and-gw-launch-us-microgrid-solution-with-2mw-8mwh-project-in-illinois/

[begorrah88] 18/7/2022 10:38

Thanks dingdong.Not sure I'm swallowing that though as the 'Acquisition' KPI might have been hit but didn't happen so his pay rise should have been suspend as all our investments have been since then.Also, what additional costs of the acquisition? The prospectus never came out so was presumably never prepared. Nothing happened at all between the Acquisition RNS & the Garnett claim. MUST weren't even involved in the court case.He presumably means the costs of all the balloons & streamers for the office party to celebrate the relisting! Hopefully they kept the receipts.

[megaman2] 18/7/2022 10:06

Thnx for posting that . My average here is in the 20s and had almost written this off . It's at least some positive rhetoric . Yes we are looking forward to seeing what's in store as and when it re-lists .

[dingdong62] 18/7/2022 09:46

bit late posting this but here is the response to my email from Dean about the firm paying GBP152,988 in 2021 to Managing Director Dean Gallegos, up from GBP55,000 in 2020. Mustang Energy increased monthly payment to Gallegos to GBP10,000 from GBP5,000 per month after 22% acquisition of VRFB Holdings Ltd in April 2021'

From:
Date: Wednesday, 22 June 2022 at 09:17
To: Adrian
Subject: RE: share holder

Adrian

Firstly the GBP152,988 is remuneration for the entire board, I was paid GBP100,000 in 2021.

The increase in my remuneration and the commencement of payment to directors started when the KPI of the first acquisition was made in April 2021, the increase in remuneration was discussed with large unrelated shareholders who accounted for in excess of 40% of the shares on issue.

Secondly, total administration costs including this remuneration increased from GBP231,900 to GBP275,000 a very modest increase even though we had significant costs as a result of the acquisition and the work that required. Hopefully when the company does relist you will see what the increased remuneration has brought you as a shareholder, we haven’t been sitting on our hands!

Regards


Dean L Gallegos
+ 61 416 220 007


Managing Director

[begorrah88] 18/7/2022 07:07

From Pineapples fund raise RNS today

'.......With the unremitting appetite to merge with fully listed cash shells such as Pineapple Power on the London Stock Exchange exhibited by private enterprises and the rapidly decreasing supply of such vehicles we enjoy a very advantageous position and view the coming months with much excitement. We hope to make further announcements in due course."

Unremitting appetite

Yet here we are with MUST unable to get a prospectus out or even tell anyone what is happening.

[megaman2] 15/7/2022 08:00

Cellcube needs another $30 mill just to stay afloat but in reality needs a lot more to increase capacity so it can deliver orders . Bmn are potless so need new investors to stump up the money .Invinity already having jumped through this hoop and suffered big dilution sits at a £48 million market cap. Exactly how the fund raise works I'm unsure as all we know at the moment is must owes a small percentage of vfrb-h but doesn't all of vfrb-h need to reverse in ? Isn't that what's going to happen here and raise c $15 mill us to fund their share of cellcube as the last of the money will be gone . Left dangling as you say for 15 months ...

[dontay] 14/7/2022 13:09

CELLCUBE AND G&W ELECTRIC ARE JOINING FORCES TO BRING MICROGRIDS TO THE NEXT LEVEL.Wiener Neudorf, Austria, Bolingbrook, Illinois, July 14, 2022.Enerox GmbH, better known as 'CellCube', and G&W Electric, a US headquartered power grid solutions provider, have signed a partnership agreement to offer a new and integrated microgrid solution to the US-market. G&W Electric adds CellCube's Vanadium Redox Flow Battery (VRFBs) as a key technology to their microgrid solution portfolio and becomes a 'Value Added Reseller' for CellCube's energy storage systems.The partnership was initiated through G&W Electric's construction of its own state of the art microgrid located in Bolingbrook, Illinois, U.S. with solar coupled to CellCube's latest battery technology. CellCube's Release 4 VRFB will provide more reliable and resilient power during seasonal peak demands, power quality issues and potential outages."After having recently established a 100% wholly owned subsidiary in Denver, Colorado, CellCube's next preeminent project in North America is being realized", says Alexander Schoenfeldt, CEO of CellCube Austria and USA. "We are extremely pleased to cooperate with G&W Electric after having won them not only as a customer but also getting engaged in the fast-growing microgrid business. There is no better way to start a partnership and go-to-market than through such a large-scale real-life project."G&W Electric's microgrid will cover multiple use cases including the capability of islanding, peak load shaving for energy savings and sub cycle backup power for critical asset protection. It will integrate roof top solar, support their facility's continuous operation, and actively participate in ComEd's demand response program by isolating itself from the grid to help reduce peak load demand. G&W Electric's microgrid will eliminate its energy dependency during times when prices are high, and it will provide more reliable and resilient power during seasonal peak demands and power outages. The 2MW-8MWh CellCube VRFB will operate at up to 150 percent of its nominal power to catch attractive power prices in the PJM market. The system has been designed to provide the overrated power up to 3MW for nearly two hours and at 100% load for up to four hours."We see the microgrid market is entering a new stage where energy applications that allow for storing electricity from renewables over longer periods of time is gaining more importance", points out John Mueller, chairman and owner of G&W Electric. "CellCube's long duration battery technology unlocks huge value for G&W Electric with the lowest total lifecycle cost of any technology in the market. For us, it is an obvious step to partner with the market leader of Long-Duration Energy Storage."Https://www.cellcube.com/cellcube-and-gw-electric-are-joining-forces-to-bring-microgrids-to-the-next-level/

[gerd212] 14/7/2022 12:29

Even that is lithium-ion!

[begorrah88] 11/7/2022 12:54

Tumbleweed still rolling through here.

[dontay] 04/7/2022 15:23

Watch one part of our 2MW – 8MWh CellCube VRFB installation leaving our Head Quarters in Wiener Neudorf heading towards Illinois, U.S., and see a first impression of the assembly at G&W Electric's site in Bolingbrook.Https://twitter.com/cellcube/status/1543957669840666624?s=20&t=lra51dJQlGvxEgYd5fFrDQ

[dontay] 01/7/2022 17:36

Now confirmed as an Enerox VRFB project.Https://www.gwelectric.com/microgrid/

[megaman2] 29/6/2022 09:21

I'd be amazed if this re-listed per timetable not a bad reflection on must and co just having seen other spac have delay after delay often spurious requests to amend docs from the regulator ..September may be the best month anyway ..
Sell In may etc etc ..I'm guessing at september that's all it is a guess well done if they manage it earlier .