Australian flow battery company Avess Energy signed a deal to build a vanadium sulphate electrolyte manufacturing plant in Pohang, South Korea.
The non-binding memorandum of understanding was signed with Gyeongsangbuk-do Province, Pohang City, Unicoh Specialty Chemicals and Unicoh ESS Co.
Avess said Unicoh ESS is looking to invest A$10.2m ($6.7 million) to build a 500-tonne vanadium manufacturing plant on a 24,235 sq m site in South Korea’s Yeongil Port Industrial Complex Foreign Investment Zone. Avess plans to put in A$4m.
The MoU follows the establishment of a joint venture, Unicoh ESS, by Avess (40%) and Unicoh (60%) in Pohang on 4 July. Unicoh has been certified by chemicals company Posco since 2005.
