Metals exploration firm Margaret Lake Diamonds and Korid Energy Company are set to build a vanadium redox flow battery-making plant in the US.
The Canadian firm and Korid, a subsidiary of Korean company DST, announced the joint venture to construct a factory on 27 January.
Korid will provide technical assistance for design, construction and operation of the plant, which will have a 50MW output and 200MWh of storage during the planned Phase 1.
The deal grants Margaret Lake exclusive global rights to Korid’s proprietary vanadium redox battery technology, with the exception of Korea and Australia.
The partnership will be implemented pursuant to the terms of a joint venture agreement between the companies dated 13 January, 2020.
Korid has manufactured four cell stacksat 2.5kW, 5kW, 10kW, and 25kW capacities. It is developed and testing a scalable 50kW cell stack for industrial and grid-scale applications.
Image: standing from left: Yunki Kim, president, DST, Kyonglock Na, head of R&D,KORID, Jason Kuh, vice-chairman, DST Group, George Pataki, former governor of NY State, John Kerry, president, John Kerry Energy Solutions, Neil Foran, CFO, Margaret Lake. Seated from left: Paul Kim, chairman DST Group and president of KORID, Jared Lazerson, CEO and president of Margaret Lake.