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Ivanhoe Electric Inc. ( (IE) ) has issued an update.
VRB Energy, a subsidiary of Ivanhoe Electric, has entered into a joint venture with Red Sun to manufacture and sell vanadium redox flow battery systems, focusing on Asian, Middle Eastern, and African markets. With Red Sun investing $35 million, the venture will enhance grid-scale battery production. Additionally, Ivanhoe Electric is using $20 million to establish a vanadium battery business in Arizona, aiming to produce 50 megawatts annually, strengthening its position in the growing energy storage sector.
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