Idemitsu Kosan Co (JP:5019) has released an update.
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Idemitsu Kosan Co. has made a strategic move by increasing its stake to 51% in Vecco, an Australian company focused on vanadium mining and electrolyte production, marking its entry into the critical minerals business. This investment is part of Idemitsu’s plan to establish a robust supply chain for vanadium flow batteries, which are vital for renewable energy storage solutions. With a total investment of AUD$75 million, Idemitsu aims to expand its operations beyond Australia, contributing to the global push for renewable energy adoption and storage capabilities.
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