Topical: Building a new VFB hub in China https://www.yicaiglobal.com/news/chinas-xinzhu-surges-on-plan-to-enter-vanadium-redox-battery-sector
China's Xinzhu Surges on Plan to Enter Vanadium Redox Battery Sector
(Yicai) Dec. 7 -- Shares in Chengdu Xinzhu Road & Bridge Machinery soared as much as 8.8 percent today after the Chinese rail transit equipment supplier said it is investing in the building of a vanadium redox battery hub that will be an industrial model for this new form of energy storage which helps stabilize power output from renewable energy power stations.
Xinzhu's share price [SHE:002480] closed up 5.12 percent at CNY3.23 (USD0.45) today. Earlier in the day it hit CNY5.40.
Xinzhu and three partners will turn the city of Neijiang in Sichuan province, an area rich in vanadium resources, into a vanadium redox battery industrial cluster which will comprise the biggest vanadium redox battery assembly plant in western China, the Chengdu-based company said today, citing the five-year deal signed with the three parties. No mention of the investment involved was made.
The tie-up will help Xinzhu to adjust its industrial structure and improve its asset quality, the Chengdu-based firm said yesterday.
The three partners are Neijiang Investment Holdings Group, which is a local government-owned investment firm, Dalian Rongke Power, which owns relatively complete technologies of vanadium redox battery energy storage, and a locally-based entity which is a major producer of vanadium pentoxide.
Editor: Kim Taylor