Stina Resources Ltd. announced that has entered into an amending agreement with the Austrian liquidator with respect to the purchase of the assets of Austrian based Gildemeister Energy Storage GMBH out of insolvency.
Prior to its insolvency, Gildemeister was a world-leader in development of vanadium-redox flow batteries since 2000. After extensive research and development, Gildemeister developed the patented CellCube battery, with now over 100 battery installations in use around the world.
The amending agreement was approved by the creditors committee and the Austrian insolvency court on January 9, 2018. The 14 day appeal period expired on January 30, 2018. As a result, any creditor or third-party appeals have been exhausted. Pursuant to the amending agreement the proposed closing date of the acquisition of the assets has been extended to March 31, 2018 or such earlier date the parties may agree to.
“The Board of Directors is extremely pleased that the legal process has now been concluded and the final acquisition process can get underway. It has been a long process but we are nearing the end, and within a relatively short time Stina will own one of the most advanced and experienced flow battery companies in the world.
"This acquisition will help Stina reach its vision of becoming a fully integrated energy storage company from vanadium in the ground on our Bisoni Mckay properties in Nevada to batteries deployed around the world,” says Stina president, Brian Stecyk.
The largest number of installations is in Europe (63); but as energy storage has become increasingly important new installations have been done in Australia/New Zealand (3); South America/Caribbean (3); Africa (5); Asia (5) and single installations in many other areas including Canada and the USA.
CellCubes are used for a variety of purposes including grid storage, micro-grids; off-grid storage for solar and wind power storage, diesel power replacement; back-up power systems; farming applications, electrical vehicle charging stations; industrial plants and office building applications, emergency power sources, and many other uses.
Gildemeister holds 19 active patent families including 40 filed patents for its core intellectual property which was fully developed by its in-house research and development team. One of the key design factors that Gildemeister has developed is the plug-and play model which enables scaling to larger sizes just by plugging in additional units.
Under the terms of the asset purchase agreement announced in November 2017, the Company agreed to purchase the assets of Austrian based Gildemeister Energy Storage GMBH, for €5,210,000 (CDN$7,788,950) plus applicable value added tax, with an initial down payment of €1,000,000 (CDN$1,495,000) and an original closing date of January 31, 2018. A finder’s fee will be paid pursuant to the transaction.
In addition, Stina agreed to fund the operations of the insolvent company. Stina has advanced the initial down payment as well as €1,040,000 (CDN$1,580,138) for operational costs to closing. If the closing is earlier than March 31, 2018, surplus operating costs will be returned to Stina. The Company intends to fund the acquisition through private placements or by entering into joint ventures