Phenom Signs MOU with Japanese Vanadium Solid-State Battery Company
Phenom Signs MOU with Japanese Vanadium Solid-State Battery Company
May 31, 2023 - Vancouver, British Columbia – Phenom Resources Corp. (TSX-V: PHNM) (OTCQX®: PHNMF)
(FSE: 1PY 0) (“Phenom” or the “ Company”) is pleased to announce that it has signed a Memorandum of
Understanding (MOU) to gain a 5% equity interest in a private Japanese battery company, that is advancing
its revolutionary fast charging low-cost vanadium solid-state battery (VSB) business world-wide.
The non-binding MOU describes the principles and proposed terms and conditions of an Off-Take Agreement
between MK Plus Co., Ltd. (MK Plus) and Phenom whereby Phenom will commit to providing 20% of its future
Carlin Vanadium Project production concentrates to MK Plus at fair market value. In exchange for this
commitment, MK Plus will, on signing a Definitive Off-Take Agreement, issue to Phenom 5% of MK Plus’s issued
and outstanding shares. Phenom’s interest will be non -dilutive until MK Plus’s market valuation exceeds
US$500 million after which Phenom’s interest in MK Plus may be diluted but will not fall below 3%.
Currently, MK Plus’s market valuation is CDN$83.85 million.
According to MK Plus, their vanadium solid-state battery provides higher desired performance at a lower cost
over vanadium redox flow batteries (VRFB) in the large capacity battery market. They claim:
1) Rapid charging in minutes (C -rate of between 100 and 300 versus C-rate of 20 in VRFB ), achieving
massive charging speeds 100 times faster.
2) Use one tenth of the amount of vanadium than VRFB use for an equivalent charge.
3) Have +100,000 deep cycle life without heat dissipation (no fire risk) or degradation (long life).
4) Have been tested at ambient operating temperatures between 100 oC and -40oC without loss of
performance.
MK Plus’s vision is to be the #1 provider of high -performance, stationary, low-cost utility-scale batteries that
are made 100% in North America with vanadium from Phenom’s Carlin Vanadium resource in Nevada . With
14 patents world -wide for its battery technology , they have progressed t hrough a 12 -year R&D period
including thorough third -party testing . They are now providing scaled-up modules to European power
companies for customer testing next month. MK Plus has established multiple subsidiaries including the USA,
France and Austria with plans to expand further world-wide.
Paul Cowley, President & CEO of Phenom states, “We are very pleased to have built a relationship with MK
Plus over the last 2 years that has culminated in this MOU and bring this new technology to the USA to address
battery supply chain gaps . The extraordinary features of their vanadium solid -state batteries can be highly
disruptive to the utility-scale battery market which is forecasted to expand 30 times by the end of this decade.
In my visit to MK Plus’s facilities in Japan last week I witnessed firsthand the impressive rapid charging. To own
5% of this unique and progressive Japanese battery company with their aggressive growth potential just prior
to their power customer testing is timely and significant for us. We see this MOU as a start to a strong and
growing relationship with MK Plus.”
“The stationary battery market is projected to be double the size of the EV battery market by early 2030’s and
that is where vanadium redox flow batteries have their advanta ge over lithium batteries . As pointed out
above, MK Plus’s vanadium solid -state battery is superior again to the VRFB. Additionally, MK Plus believes
that because of the rapid changing of their battery, there is potential to enter the EV space but are initially
focused on the bigger market where they have a clear advantage “, continues Paul Cowley. “MK Plus sought
out and prioritized Phenom’s vanadium resource in Nevada as the ideal target and relationship in the USA for
MK Plus’s initial global growth plans by securing future vanadium feed in the USA.”
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The Definitive Agreement is expected to be finalized by June 30, 2023.
About Phenom Resources Corp.
Phenom has 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town
of Carlin, Nevada and Highway I-80 which hosts the Carlin Vanadium deposit, North America’s largest highest
grade primary vanadium resource. The Project lies in the Carlin Gold Trend. Approximately 9 million ounces
comprised of multiple gold deposits, including past producing mines, are present near the Phenom property
(5-15km).
ON BEHALF OF PHENOM RESOURCES CORP.
per: "Paul Cowley"
CEO & President
(604) 340-7711
[email protected] www.phenomresources.com
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
Certain statements in this news release constitute "forward -looking" statements. These statements relate to future events or the
Company's future performance . All such statements involve substantial known and unknown risks, uncertainties and other factors
which may cause the actual results to vary from those expressed or implied by such forward -looking statements. Forward -looking
statements involve significant risks and uncertainties, they should not be read as guarantees of future performanc e or results, and
they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could diffe r materially
from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release
are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the
Company cannot assure investors that actual results will be consistent with these forward -looking statements. The forward-looking
statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligati on to
update or revise any forward -looking statements whether as a result of new information, future even ts or otherwise, except as
required under applicable securities regulations.