Exciting News for Ivanhoe Electric and VRB Energy

Phoenix, Arizona–(Newsfile Corp. – September 23, 2024) –

It is with great pleasure that Ivanhoe Electric Inc. announces a significant development for its subsidiary, VRB Energy Inc. A binding Term Sheet has been executed with a subsidiary of Shanxi Red Sun Co., Ltd. (“Red Sun”) which will result in a major investment in the company’s grid scale vanadium redox flow battery manufacturing operations. This partnership will not only benefit Ivanhoe Electric, but also the energy industry as a whole.

Expansion in Arizona

As part of the agreement, Ivanhoe Electric will be using $20 million of the transaction proceeds to establish a U.S.-based grid scale vanadium redox flow battery manufacturing facility in Arizona. This move signifies a strategic investment in the future of renewable energy technology in the United States. By bringing the manufacturing operations closer to home, Ivanhoe Electric is showcasing its commitment to sustainability and innovation.

Joint Venture in China

In addition to the expansion in Arizona, the existing VRB Energy manufacturing operation in China will become a 51/49 joint venture following a $35 million investment from Red Sun. This partnership will further strengthen VRB Energy’s presence in the Asian market and position the company for continued growth and success.

Impact on Individuals

For individuals, this development represents a step forward in the accessibility of renewable energy solutions. With the establishment of a U.S.-based manufacturing facility, there is potential for job creation and economic growth in the local community. Additionally, the joint venture in China opens up opportunities for technological advancements and collaboration on a global scale.

Global Implications

On a global scale, the partnership between Ivanhoe Electric, VRB Energy, and Red Sun serves as a testament to the importance of international cooperation in advancing sustainable energy solutions. By working together, these companies are paving the way for a more sustainable future and setting a positive example for other organizations in the energy sector.

Conclusion

The collaboration between Ivanhoe Electric, VRB Energy, and Red Sun marks an exciting new chapter in the development of renewable energy technologies. With investments in both the U.S. and Chinese markets, these companies are poised to make a significant impact on the energy industry and drive innovation forward. This partnership is not only a win for the companies involved, but also for individuals and the world at large as we collectively work towards a more sustainable future.