Gowling WLG advises on Vanadium Redox Flow Battery investment deal

Gowling WLG has advised on a US$15 million investment into Austrian VRFB manufacturer Enerox GmbH, which provides grid scale and micro-grid energy storage solutions.

The investment has been made by a consortium of investors, including London listed company Mustang Energy Plc, a special purpose acquisition company that invests into energy storage and stationary battery assets, and Bushveld Energy Limited, an energy storage solutions provider and subsidiary of Bushveld Minerals, the AIM quoted integrated primary vanadium producer. The investment is part of a wider US$30 million fundraising by Enerox to scale up VRFB production to 30MW by 2022.

Gowling WLG's team was led by Charles Bond, corporate partner and UK head of Mining, supported by corporate legal director Sue Johnston.

Charles said: "We are seeing an increasing presence of mining groups in the downstream battery minerals sector, and are very pleased to have assisted on this deal, which also fits well with our wider offering around energy and energy storage."

Gowling WLG's multi-disciplinary energy team has a market-leading reputation and operates seamlessly around the globe. The team has recently been ranked in the top 10 for Energy M&A deals by volume for 2021 by Clean Energy Pipeline and follows a series of recent mandates, including advising UK energy storage developer, owner and operator Eelpower on securing a multi-asset agreement with Swiss sustainable energy infrastructure fund manager SUSI Partners and advising Highview Power as developer on the development of Europe's largest liquid air battery project. The team also advised Triple Point Energy Efficiency Infrastructure Company plc (TEEC) on completing £21 million of senior debt finance into Harvest and Glasshouse, and Downing Renewables & Infrastructure Trust plc on its £122.5 million IPO.