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press releases
07 May 2018
Synergy Group (01539.HK) announces US$ 3.2 Million Expansion to the Vanadium and Energy Storage Industry

Synergy Group entered into the subscription agreement to acquire 23.6% of equity interest in Invinity Energy Group Limited (“Invinity”) at the consideration of US$ 3,200,000.

Commenting on the agreement, Mr. Mansfield Wong, CEO and Chairman of Synergy Group said, “Vanadium is a commodity with a robust and growing demand, considering the constrained and concentrated supply of vanadium with no anticipated significant new supply in the near future. In particular, with the increasing demand in the steel and energy storage industry, together with our strategic partners, the agreement allows the Group’s access to the technical expertise, experience and knowledge in vanadium mining operations as well as the development of a unique skill set in electrolyte making, which creates an integrated vertical supply chain from vanadium reserves mining to the production of final product with secured customer base, optimising the efficiency and cost to create a price-competitive VFB and establish a strong position in the energy storage market.”