BRIEF-Novavis sets up JV for Vanadium Redox Flow Batteries production plant

Dec 14(Reuters) – Novavis SA :

* Said on Sunday it had signed Joint Venture Agreement to establish Storion Energy Poland which will be responsible for setting up production plant of energy storage systems in Vanadium Redox Flow Batteries technology

* In first phase, production will be aimed at German market and other Western European markets, as well as Poland, where Voolt Sp. z o.o. will be engaged in sale of products

* On turn of 2018 and 2019 sales will be extended for African countries

* Planed revenue is estimated at between 10 million and 12 million euros ($13.15 million) in 2016-2017

* Shareholders of JV Storion Energy Poland are US-based Storion Energy Inc in 33 percent, German-based Storion Energy GmbH and Novavis in 24 percent each, UK-based Marshall Nordic Limited in 10 percent and employees in 9 percent

* Novavis additionally agreed to subscribed for Storion Energy Inc. shares for $2.8 million in its pre-IPO

* Storion Energy Inc is set to start trading on NYSE on turn of 2016 and 2017

* Next steps in setting up production plant in Vanadium Redox Flow Batteries technology include establishing special purpose company, obtaining funds for investment, striking R&D co-operation with scientific circles