Battery materials and electrolyte producer Stina Resources announced on May 1 it had completed the purchase of all the outstanding assets of vanadium redox flow battery maker Gildemeister Energy Storage, including its CellCube technology and energy storage business.
Little more than two weeks later the Canadian headquartered firm announced it was changing its name to Cellcube Energy Storage Systems.
The buy-out and name change reflects the company’s focus on becoming a vertically integrated vanadium firm — from materials to energy storage systems — within the storage sector.
German firm Gildemeister’s assets and business were bought for €5 million ($6 million), and were fully paid for with proceeds from recent private placements.
The sale was made through Stina’s newly established, wholly owned Austrian subsidiary Enerox, which focuses on researching, developing, manufacturing and distributing vanadium flow batteries.
Enerox says its expects to release the next generation of the CellCube flow battery modules product soon.
Besides the CellCube battery technology the sale included capital asset equipment used in manufacturing, major assets including all inventory on-hand, software, IP including patents and trademarks, office equipment, its customer base and goodwill.
On May 2, Stina announce a strategic relationship with, and $2 million investment, in US e-commerce platform company Braggawatt Energy.
The investment was made to allow Enerox to capitalize on expanding markets.
Stefan Schauss, president and CEO of Enerox, said: “Both companies will work together to develop unique finance products for our CellCube energy storage solutions.
“Our working relationship will help accelerate the adoption of high quality energy storage systems across many markets where enterprise and independent power generation customers can benefit from demand response, microgrid, and grid ancillary/capacity applications to secure energy cost savings and pursue new revenue opportunities.”
In March, ESJB reported how Stina had appointed four members of Gildemeister on to its staff, including the former company’s head of technical sales Schauss.