MK Plus, Vanadium Solid-State Battery Company, Achieves Funding Milestone of US$50 Million

Rhea-AI Summary

MK Plus, a Japanese battery company, has secured US$50 million in funding to build their first pilot plant in Japan for vanadium solid-state batteries. Phenom Resources Corp. (TSXV: PHNM) owns a 5% equity stake in MK Plus. According to MK Plus's presentation, their battery technology offers significant advantages over vanadium redox flow batteries (VRFB), including 100 times faster charging speeds, using one-tenth of vanadium, +100,000 deep cycle life without fire risk, and performance stability at temperatures between 100°C and -40°C.

Positive

• MK Plus secured US$50 million funding for pilot plant development
• Phenom Resources owns 5% equity stake in MK Plus
• Battery technology shows superior performance metrics compared to VRFB
• Technology uses 90% less vanadium than traditional VRFB

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Phenom Resources Corp. (TSXV: PHNM) (OTCQX: PHNMF) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that the private Japanese battery company, MK Plus Co., Ltd. (MK Plus) has achieved a milestone by securing US$50 million of funding which will position them to build their first pilot plant in Japan for their vanadium solid-state batteries and advance its revolutionary fast charging low-cost vanadium battery business world-wide.

Phenom owns a 5% equity interest in MK Plus.

Paul Cowley, President & CEO of Phenom states, "We congratulate MP Plus in securing this funding which will propel its business. Phenom shareholders will benefit from our equity interest in MK Plus as MK Plus grows and succeeds. It is exciting to have a broader position of the growing battery chain future."

The features of MK Plus's vanadium solid-state battery can be highly disruptive to the stationary battery market and potentially the EV market space. According to MK Plus's corporate presentation, their battery provides higher desired performance at a lower cost over vanadium redox flow batteries (VRFB) in the large capacity battery market, claiming their battery:

1. Rapidly charges in minutes (C-rate of between 100 and 300 versus C-rate of 20 in VRFB), achieving massive charging speeds 100 times faster.
2. Uses one tenth of the amount of vanadium that VRFB use for an equivalent charge.
3. Has +100,000 deep cycle life without heat dissipation (no fire risk) or degradation (resulting long life).
4. Has been tested at ambient operating temperatures between 100^oC and -40^oC without loss of performance.

ON BEHALF OF PHENOM RESOURCES CORP.

per: "Paul Cowley"
CEO & President
(604) 340-7711
pcowley@phenomresources.com www.phenomresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Phenom, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Phenom, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Phenom does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228440

FAQ

How much funding did MK Plus secure for their vanadium solid-state battery pilot plant?

MK Plus secured US$50 million in funding to build their first pilot plant in Japan for vanadium solid-state batteries.

What is Phenom Resources' (PHNMF) ownership stake in MK Plus?

Phenom Resources Corp. (PHNMF) owns a 5% equity interest in MK Plus.

What are the key advantages of MK Plus's vanadium solid-state battery technology?

MK Plus's battery technology offers 100 times faster charging speeds, uses 90% less vanadium than VRFB, has +100,000 deep cycle life without fire risk, and maintains performance at temperatures between 100°C and -40°C.